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Thanks for that link foo1bar!

7. On the next screen, enter the Total income reported on your Form 1099-K. Don't enter any expenses.
8. Select Done
9. To deduct the cost of items sold: while still in Miscellaneous Income, select Start next to Other reportable income
10. Answer Yes on Any Other Taxable Income?
11. Enter Form 1099-K in the Description field. Enter the total cost of the items sold in the Amount field as a negative number. Note that the amount can’t exceed the income reported on Form 1099-K.

It says in #7 not to enter expenses. Why? On that screen it has a field for income and a field for expenses. Why not just put both there? These instructions say to put the income under hobby here, but to NOT put expenses there, but to put them elsewhere, under "Other Taxable Income" as a negative.
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