Attention Do-It-Yourselfers, RE: Form 1099-K

This story is for the do-it-yourselfers who have stumbled onto my site, searching for information about Form 1099-K. I am linking all of my stories about 1099-K to this post. Please read this post before you send me an e-mail about Form 1099-K.

First of all, welcome to my site. I am glad you came here. I hope you find the information on this site useful. I welcome feedback, and encourage people to submit questions.

That being said….

Please do not e-mail me expecting specific tax advice on how to report the 1099-K you received, so that you know how to punch the numbers into TurboTax. I CANNOT PROVIDE TAX ADVICE BY E-MAIL OR BY PHONE TO PEOPLE WHO AREN’T MY CLIENTS.

If you send an e-mail with a question, I might choose it for publication, with a GENERAL, NONSPECIFIC ANSWER GIVEN, in a future blog post. But if you want specific advice from me, you need to pay me for my time. Click here for more information.

I am not an expert on Form 1099-K; I have simply posted a few random observations about it a few different times (4 times, to be exact). I don’t think ANYONE is an expert on Form 1099-K right now.

So what to do with that 1099-K? It all depends. If it’s business income, you include it with your other gross receipts on the proper business form. If it’s hobby income, you probably put it as other income on Line 21 of your 1040. If it relates to old stuff that you’re selling on e-bay, then maybe it’s a Schedule D transaction. I honestly have no idea … without digging deeper into your situation. And I can’t do that for people who are just looking for a free answer (or more specifically, in most cases, a free answer that tells them what they want to hear).