Quote:
Originally Posted by BobC
Bottom line is, you're probably better off reporting the 1099-K activity as you want it treated on your tax return up front, rather than ignoring the 1099-K and maybe having to spend even more time, effort, and money straightening things out withe IRS (and possibly others) later on.
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Based on the post you responded to, I think bnorth was questioning whether or not to take deductions on the $2000 (in your example) or just pay the full tax owed on it. He wasn't talking about not claiming it at all.
Edit: thought it was originally posted by someone else.
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Oh, what a difference a year makes.
Last edited by swarmee; 01-02-2022 at 11:07 AM.
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01-02-2022, 10:42 AM
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