Question 6 of 7. Micah has a collection of sneakers. He needed some cash (to...
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Question 6 of 7.
Micah has a collection of sneakers. He needed some cash (to buy more sneakers), so he sells some of his sneakers. He sold 10 pairs of sneakers for $5,000. He originally paid $3,200 for those sneakers. He received a Form 1099-K. How would you treat this Form 1099-K in BlockWorks to achieve proper pricing?
Enter the information directly on Sch D/8949.
Enter the information directly on Schedule1 (Form 1040), line 8z.
Enter the information on the Form 1099-K input screen, select carry income to Sch D/8949 and input the relevant information.
He sold personal use property. It does not need to be reported.
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