Form 1099-K eBay Sales

Forum|Forum|4 years ago
March 4, 2022
1 reply
8 views

This week I have had three clients who received Form 1099-K for sales they made through eBay. These are not professional sellers, but rather normal folks who sold just enough on eBay to trigger the 1099-K. The proceeds reported are clearly not all profit because the items sold have basis. Is there any way that the basis of the items sold can be subtracted from the income without having to prepare a Schedule C?

Thanks for any suggestions.

Mike

ProSeries Professional

This topic has been closed for replies.

Best answer by MikeB_CPA

Thanks Lisa. That was kind of my thought too. I appreciate your help, as always.

Michael

Just-Lisa-Now-

Intuit Community Champion

Ive been reporting them on Sch D as Sale of Personal Property...washing out the sale with a similar basis amount...cant deduct any personal losses (you know they paid more for the item that what they sold it for), so its a wash.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

MikeB_CPAAuthorAnswer

Level 5

Thanks Lisa. That was kind of my thought too. I appreciate your help, as always.

Michael

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