Employee

Question

1099K

Forum|Forum|3 years ago
December 17, 2022
2 replies
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I sold personal items on POSHMARK , Mercari and EBAY and I will be receiving 1099K from them.

I do not want to be taxed on the items I sold because I took a loss.

How do I file these 1099K on turbotax Deluxe

I do not care about writing off the loss and do not want to claim this income as a business

I believe it is better not to claim this as a business or a hobby

Not A Product Question

Employee

if you sold personal items you can report it on Form 8949 as follows

"personal items (1099-K)", acquired:"various", sold:12/31/2022, 14000 Proceeds, 16000 Cost, 2000 Adjustment Code "L" (personal loss) ,

Gain or (loss) -0-

@stantonporsche

stantonporsche Author

Employee

how will turbo tax direct you to this particular FORM 8949?

The TT program has designed a 1099-K section for this situation ... follow it this way ... read the screen helps >>>

Employee

You are correct that income from personal items sold for less than you paid for them is not taxed. On your return you can report the amounts on 1099-K as non business income and then create another non business income sheet reporting the same amount as a negative number explaining “1099-K income not taxable as personal property sold”.