Question 5 of 8.\ How should a tax preparer handle Form

1099-K

if a taxpayer received it for transactions that were

100%

personal?\ Leave it off the return so as not to confuse the IRS.\ Send a notice to the IRS explaining the circumstances.\ Fill out Schedule

C

but include a negative amount to zero out the income.\ Include Schedule 1 with the return, using line

24z

to deduct the personal amounts.\ Mark for follow up

Question 5 of 8 . How should a tax preparer handle Form 1099K if a taxpayer received it for transactions that were 100% personal? Leave it off the return so as not to confuse the IRS. Send a notice to the IRS explaining the circumstances. Fill out Schedule C but include a negative amount to zero out the income. Include Schedule 1 with the return, using line 24z to deduct the personal amounts. Mark for follow up