Boyer 2 Accountants's Posts

Boyer 2 Accountants · ‎02-18-2020

Thank you. I'm not sure that treatment would prevent an IRS notice as I should think the 1099-K, and from the instructions I read, should be reported on a Schedule C, Schedule F or Schedule E. We a...

Thank you. I'm not sure that treatment would prevent an IRS notice as I should think the 1099-K, and from the instructions I read, should be reported on a Schedule C, Schedule F or Schedule E. We are going to file a Schedule C, reporting the amount on the 1099-K and then an "other expense", Fair Market Value of Personal Items Sold. As for principal business or profession: On Line Sales of Personal Property. this should work and not give an inkling that this is a continuing business operation. Keith

Boyer 2 Accountants · ‎02-18-2020

Thank you. Keith

Boyer 2 Accountants · ‎02-18-2020

Client received a 1099-K for the sale of sporting goods which he owned personally. As I see it the only way to report, and avoid taxation, which is appropriate, is to file a Schedule C and report th...

Client received a 1099-K for the sale of sporting goods which he owned personally. As I see it the only way to report, and avoid taxation, which is appropriate, is to file a Schedule C and report the gross proceeds as cost of goods sold. Setting up the Schedule C is actually misleading as the taxpayer is not engaged in a trade or business. Have any users come up with another solution? Thanks

Boyer 2 Accountants · ‎02-16-2020

I too am having this issue, Sunday February 16.

Boyer 2 Accountants's Posts

Boyer 2 Accountants's Posts

Re: 1099-K

Re: 1099-K

1099-K

Re: NYS pension/IRA exclusion

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