Akilah sold her hot tub that she originally purchased for $8,500 to her neighbor, Jamal, for $5,000. Jamal paid her using a payment app. Even though not required to do so, the app sent Akilah a Form 1099-K reporting the $5,000 payment. How will Akilah's tax preparer need to report this payment?

Answer rating: 100% (QA)

Akilahs tax preparer may or may not need to report the 5000 payment from the sale of her hot tub dep... View the full answer