Ebay 1099k

Forum|Forum|4 years ago
February 19, 2022
1 reply
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I received a 1099k from ebay, I reproduce rubber parts for vintage motorcycles, and sell them on ebay,

How do I enter the expenses for the chemicals I bought to make these parts and can I add labor for the time I spent to make them

TurboTax Home & Biz Windows

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PattiF

You will need to enter Form 1099-K and file a schedule C for your business. You will enter the chemicals that are used as supplies or the cost of goods sold. You are not able to deduct your own labor. Other expenses could include office expenses such as internet access, paper, and ink. You may have vehicle expenses including mileage. If you use an area of the home for the business exclusively, you can include a home office expense.

To enter this in TurboTax as a schedule C

Type 'schedule c' in the Search area,
Then click on 'Jump to schedule c' to make your entries.

This TurboTax Help article has more information about Schedule C expenses.

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billb621Author

Employee

Thank you for responding, so the 1099 was for 9900.00 and I have 4800.00 in supplies to make the parts and now I will have to pay the taxes on the difference?, i have a lot of time invested in making these parts and really dont have any other deductions except maybe some shipping supplies and printer supplies I do have a shop behind my house that i do all this work in, as well as having to heat it and elect to run equipment and the equipment I have to perform this task, no vehicle needed,

LeonardS

You may deduct all expenses that are necessary and common to make the parts you sell on eBay. The costs of shipping supplies and printer supplies related to your business activity are deductible. However, you may not assign a dollar value to your time spent producing your parts.

This link What self-employed expenses can I deduct? has information you may find useful is determining expenses you can deduct as part of your business

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