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Harsh received a Form 1099-K, Payment Card and Third Party Network Transactions, reporting income for...

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Accounting

Harsh received a Form 1099-K, Payment Card and Third Party Network Transactions, reporting income for services rendered on a one-time basis to a neighbor, but it also included some personal reimbursements from family members for dinners at restaurants. How should this be reported on his tax return? All income reported on Forms 1099-K must be reported on Schedule C (Form 1040). Subtract the nontaxable portion as an expense in Part II. Include the gross amount from the Form 1099-K on Schedule 1, line 8z, using a detail statement and subtract the amount that is not taxable on Schedule 1, line 24z. Report only the taxable portion on Schedule 1, line 8z. The nontaxable amount should not be

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