I received a 1099-K for selling some personal property on Facebook Marketplace. How do I correctly enter this information? It is in no way related to Self-Employment.
I received a 1099-K for selling some personal property on Facebook Marketplace. How do I correctly enter this information? It is in no way related to Self-Employment.
This can be reported as the sale of items not associated with a business so this won't be considered as self-employment income
In order to do that you can either report it as investment income or other miscellaneous income. Make sure to include expenses of the sales and the original cost of the items.
For reporting Form 1009-K for personal items sold not associated with a trade or business, you can report this as Miscellaneous income.
From the left menu, go to Federal and select the first tab, Wages & Income
Add more income by scrolling down to the last option, Less Common Income, and Show more
Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
Choose the last option, Other reportable income and Start and Yes
Enter the applicable description and amount and Continue
First, enter Form 1099-K as received. It is essential that the full amount be entered.
Next, enter an adjustment as a negative number to reflect the cost of these items and the sales expenses (but not more than the sales price. You can't produce a loss.)
Another option Is to report it on Schedule D as the sale of a personal item. Since you can't deduct a personal use loss, you are covered.
TurboTax Expert Assist
Get answers to all your tax questions
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.