How to Report Form 1099-K on Form 1040 for Personal Use Sales

If you received Form 1099-K for selling some used items online, you should report those sales transactions on your personal tax return.

If you sold those items for a gain, that is taxable capital gain. If you sold them for a loss, the losses are not tax deductible.

If you got a Form 1099-K related to your business, check here:
https://youtu.be/p3NU35YRMeo

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#IRS #Form1099K #Form1040

DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.