1099K For Assets Sold

[josiah_berry]

I should be receiving a 1099-K form from Reverb for the 2024 tax year for my single member LLC. 2 of the items that I sold for my business on Reverb are also listed as assets in my Turbotax account. I know I need to delete those assets and then state the date of the sales and the price they were sold at. To me, that is where the income for those assets sold gets reported. What do I do with the 1099K form?

If I add the 1099-K, that would double report the income for the same assets. If I don't add the 1099-K, the income from the other items that are not listed as assets will be missed, but I could add those manually in a different income section. Please advise what I need to do here as I am very confused. 

[PatriciaV]

Currently Form 1099-K income is not entered separately as an income form but is reported along with other similar income. In other words, enter the income only once. 

Read more here: How do I enter a 1099-K for self-employment income?

[josiah_berry]

Thanks for your response. To be clear, you are saying to not report my 1099K income and to just do it by managing my assets in the way that I described in my initial post? 

[PatriciaV]

Yes. Report the sale of the assets under that section of TurboTax. As long as the sales proceeds (not profit) are at least as much as the amount reported on Form 1099-K, you have met the reporting requirements.