1099k

Forum|Forum|3 years ago
April 4, 2023
2 replies
13 views

Client received a 1099 K from Ebay for $63,000 for sales of his collectable t shirts. He purchased them many years ago and figures he spent $25,000 on them. He does not have documentation. He is not a business so if I put this on Schedule d, do I have to report each month as he has sales thru the year or is there a easier way to do this. thanks in advance for your help

ProSeries Professional

This topic has been closed for replies.

Accountant-Man

Level 13

I take ut back if his purchases were investments. Then Schedule D.

Show all at once.

** I'm still a champion... of the world! Even without The Lounge.

GodFather

Intuit Community Champion

Wouldn't the sale of those shirts constitute a business to some degree?

M

ms856nickAuthor

Level 3

This is the only time he will be selling his personal stuff. So I thought since there would not be any more 1099K's from ebay it would not be a business. He is disabled and moving to assisted living, so he is just getting rid of them.. Yes i thought business at first, but since he is not in the business of selling items that's when I went to schedule d

T

TaxGuyBill

Level 15

He is selling his personal collection. That goes on Form 8949/Schedule D.

But I'm unsure if it needs to be categorized as a "collectible" or not.

Sign up

Login with SSO

Let's get you signed in

Login with SSO