I rent out a parking spot using SpotHero. They provided me a 1099-K, but part of the money that went into box 1a (i.e., Gross Amount of payment) is taxes that were paid to the city or state, and some of the money is fees that SpotHero collects. So I take home a little more than half of what is reported in the 1099-K. How…
Hi, I received a 1099-K from Paypal from selling some tickets on StubHub (several transactions totaling between ~$2k-3k). These were my personal use tickets that I ended up selling because I could no longer attend. I do not have a business doing this. The 1099-K form shows the gross amount I received and does not take into…
I have a regular full-time job. In August last year, I started selling a bunch of personal items (video games, DVDs, CDs, and books) that I no longer use or need. I did not meet the 2024 reporting threshold, so I did not receive a 1099-K. I understand that income from items sold at a loss is not taxable. I entered sales at…
I do independent contract work for a client who pays my invoices via PayPal. This year I received a 1099NEC from the client as well as a 1099K from PayPal for the same overlapping income. I am not sure what to do in this situation. It is appearing as if my income is nearly double what it truly was.
Hello FreeTax Community, Like others, I too have received a 1099-K from eBay this year, whereas in previous years I have not. I am not a person who uses eBay as my business but one who sells items here and there throughout the year. The previous year was abnormally strong for sales so I breached the $5,000 limit that…
How can I handle the following situation. I received a Form 1099-K in error for transactions between friends. The IRS guidance is as follows: “If taxpayers can't get a corrected Form 1099-K, report the information on Schedule 1 (Form 1040), Additional Income and Adjustments to Income PDF, as follows: Part I – Line 8z…
How can I sell personal used items on eBay at a loss or for less than what I paid for without being liable for self-employment tax or income tax in Memphis, TN, USA, considering it as hobby income?
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