Hi, I received a 1099k form this year for the first time due to my state's stupidly low reporting threshold. I had understood it that I didn't need this unless I made 20k, which I didn't. But nevertheless, I got one without warning.. As such, I don't know anything about it, and don't actually know how to deal with it at ALL. I would have set taxes aside had I known. :/. Anyway, here's my question/situation. Most of the items I sold are items I had lying around that I didn't want anymore, mostly for at cost or at a loss when shipping and fees are counted. The others are reimbursements for money I spent that I was owed. From what I've read, selling personal items at a loss/at cost and items bought pooling together money with me paying for them and getting money back later don't have to be reported. But PayPal did report them. At full value. So, my question is, how do I report that part of the money/most of it was not profit at all, and wasn't really reportable income? And how do I report that items I sold that I don't have a receipt for (they're really old items I had that I didn't save the receipt for, as I didn't figure I'd sell them) that didn't really make a profit? That is, if I need printed receipts, anyway. Is there some other form to show that a huge percentage of my 'profit' isn't profit, but is selling used goods at a loss and/or reimbursements? A very small amount of items could be considered a profit (new goods that do sell for more than I paid) but most are at a loss. Also, does selling new goods at a loss count for the used goods at a loss thing? I had some items I didn't open but are older that I sold for way less than I paid. As it stands, the form is showing I earned WAY more than I did, all things considered. Any help is appreciated.
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