Wow. Have you noticed the HUGE amount of stuff for sale here lately?

mopowers said
In that instance, you can report that $700 as a "personal item sold at a loss" which zeros out the $700 from the 1099K. Voila, no taxes owed.

Lol and you better keep receipts for everything you buy or sell. I claim racing as a business and have probably 8 forms already that are duplicated and mailed in