Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 6 of 7. micah has a collection of sneaker

Question 6 of 7. Micah has a collection of sneakers. He needed some cash (to...

50.1K

Verified Solution

Question

Accounting

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

John Doe has just been offered a home loan towards purchase of house that is being...

Accounting
Q

b Find the interest Periodic Deposit 80 at the end of each month Rate 3...

Basic Math
Q

Solve the following rational equation, and make sure to exclude any extraneous solutions.x/x-3 + 2x/...

Basic Math
Q

Sales at a local ice cream shop went up 20% in 5 years. If 18,000...

Basic Math
Q

26 find the general solution for the differential equ 7y2 3x option A y 2x...

Calculus
Q

Form a third degree polynomial function with real coefficients with leading coefficient 1 such that...

Algebra
Q

An example of an explicit transaction is? depreciation expense. ...

Accounting
Q

Dutch Food Specialties Inc. reported the following statement of changes in shareholders' equity for the...

Accounting
Q

Cooperative San Latino of southern Sonora state in Mexico makes a unique syrup using cane...

Accounting
Q

The ACFR is required to include basic financial statements. Which item below is not included...

Accounting
Q

Discuss at least five objectives of a business

Accounting
Q

Freestone Company reports the following income statement accounts for the year ended December 31st. Categorize...

Accounting