“such as selling an old piece of furniture, according to accountants.”
This is just stupid.
So where is the line on the 1040 where I let the IRS know I was selling an old piece of furniture and that’s the reason I got a 1099-K??
Why would anyone sell a table for 700 if they can get 100 for each leg and 300 for the body of the table in 5 separate transations?
Exactly- how do I deduct what I originally paid for it and the loss I incurred by selling it for less than 10% of what I paid for it?
The good news is that you can claim QBID for your QBI. And you might be able to claim Self-Employed Earned Income Credit. AND, if you maxed out the traditional FICA contribution, you can get a credit for the employee portion of the FICA paid because of the income on Schedule SE, which income number comes from Schedule C.
Yes, hubs sold an old amp on Ebay, I mean 30 years old, got over $600 for it.
Ebay warned us we would get a 1099K, reported to the IRS as “income.”
We did not make a PROFIT, we sold an old amp. I am sure we lost money on the deal.
I will inform our CPA but still, how do you convince the IRS that the 1099K is not accurate since it was just liquidated old assets that you took a loss on?
Not_Who_U_Think wrote:
“
“such as selling an old piece of furniture, according to accountants.”
This is just stupid.
So where is the line on the 1040 where I let the IRS know I was selling an old piece of furniture and that’s the reason I got a 1099-K??
“
I guess the key is to not use 3rd party apps/services; from the article:
“report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal.”