Question
Question 6 of 15. Ambrosia sold some furniture at a garage sale and was paid through an online app. In January, she received a Form
Question 6 of 15.
Ambrosia sold some furniture at a garage sale and was paid through an online app. In January, she received a Form 1099-K, Payment Card and Third Party Network Transactions, reporting the payment. How should this be reported on her tax
retum?
The sale of personal-use property is reported on:
O Form 1040, line 1, with no adjustments allowed for any realized loss.
Schedule D (Form 1040. If there is gain, it will be taxable, but any realized loss is not allowed and must be subtracted as an adjustment.
O Schedule 1, line 8], with expenses reported as a miscellaneous itemized deduction on Schedule A (Form 1040).
O Schedule C (Form 1040). Any profit will be subject to self-employment tax.
Question 6 of 15.
Ambrosia sold some furniture at a garage sale and was paid through an online app. In January, she received a Form 1099-K, Payment Card and Third Party Network Transactions, reporting the payment. How should this be reported on her tax
retum?
The sale of personal-use property is reported on:
O Form 1040, line 1, with no adjustments allowed for any realized loss.
Schedule D (Form 1040. If there is gain, it will be taxable, but any realized loss is not allowed and must be subtracted as an adjustment.
O Schedule 1, line 8], with expenses reported as a miscellaneous itemized deduction on Schedule A (Form 1040).
O Schedule C (Form 1040). Any profit will be subject to self-employment tax.
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