Selling items online and receiving a 1099 from PayPal

Forum|Forum|2 years ago
May 17, 2023
1 reply
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Greetings,

I am considering selling some of my music equipment online and will likely receive payment through PayPal for these sales. My question is, how difficult is it to track this and report it when next tax season comes?

What all do I need to report/record/keep track of? Basically all of the items I will be selling I will NOT be making a profit on, I will actually be losing money on the majority of it, but I know that regardless I still have to report it and that I will still receive a 1099 from PayPal, so what other things do I need to do, and how difficult is it to report all of this come tax season? (Sorry, new to online selling and have never had to worry about a 1099 before). Thank you for any insight!

Critter-3

Keep track of the sales and the cost basis of the personal items then simply follow the TT interview screens ... the program will take care of everything automatically ...