Skip to main content
January 26, 2024
Question

I sold items online for profit. How do I account for my expenses on the 1099K?

  • January 26, 2024
  • 1 reply
  • 0 views
I bought items and then sold them for profit on Poshmark.  How do I record my expenses on my 1099K

1 reply

January 27, 2024

The expenses for the self-employment income you earned will need to be reported on Schedule C.  

To report them using TurboTax Online Premium:

 

  1. Open or continue your return and select Search
  2. Search for Schedule C and select the Jump to Schedule C
  3. Follow the program and answer the questions to enter the expenses for your business

If you need more information about Form-1099-K and what expenses can be used see the following articles:

 

What is Form 1099-K?

How do I enter a 1099-K for self-employment income?

What self-employed expenses can I deduct?