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1099-K from Poshmark sale of used goods

Forum|Forum|3 years ago
February 20, 2023
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Since I'm only selling used goods how would I enter this? Poshmark sent me a 1099-K, but I don't have a business. I thought sale of used goods, like yardsale items, weren't taxable.

Best answer by AliciaP1

Since you used a third-party payment processor to receive your income, you are required to report it. You are also allowed to report the expenses of the items sold to a net income of $0. You are not allowed to report a loss on the sale of personal items.

To report your 1099-K in TurboTax Online, you can follow these steps:

Within your tax return using the magnifying glass icon, search for 1099-K and select the Jump to link at the top of the search results
When you get to the Choose which type of income your 1099-K is for screen select Personal item sales and Continue
Enter the information from your 1099-K
Click Done
Go back to the Wages & Income screen and click Edit for Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
Click Review for the 1099-K you entered and here you can enter the expenses and details for the items you sold
Proceed entering/reviewing your return.

AliciaP1Answer

Since you used a third-party payment processor to receive your income, you are required to report it. You are also allowed to report the expenses of the items sold to a net income of $0. You are not allowed to report a loss on the sale of personal items.

To report your 1099-K in TurboTax Online, you can follow these steps:

Within your tax return using the magnifying glass icon, search for 1099-K and select the Jump to link at the top of the search results
When you get to the Choose which type of income your 1099-K is for screen select Personal item sales and Continue
Enter the information from your 1099-K
Click Done
Go back to the Wages & Income screen and click Edit for Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)
Click Review for the 1099-K you entered and here you can enter the expenses and details for the items you sold
Proceed entering/reviewing your return.