I use eBay for the bulk of my hobby purchases and sales. How do I account for the original cost of items, in order to partially offset the income showing on the 1099-K?

Forum|Forum|3 years ago
September 28, 2022
1 reply
0 views

No text available

johnd84

Thanks for your question Ed294!

So you will receive a 1099K from eBay. You'll want to make sure you report the full amount of the 1099. You'll start in TurboTax under "Other Common Income" look for the 1099K input. There is a new workflow coming from TurboTax which will ask you the full amount of the 1099 then a subsequent question will ask about the cost you paid for the item to make sure you get credit for that amount. Thanks again!

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

PowersTC

For 2021, we were only able to itemize the 1099K if we paid the “premium”, most expensive package/service TurboTax offered online at an additional cost. Will this apply for 2022 again or will TurboTax allow this itemization with the standard online package?