ebay 1099-k from personal sales

[swarts1]

Where to enter refunds included from personal item sales on 1a 1099k from ebay?

Output from Turbo Tax below, but where is #3 "Adjust Your Income" done?

To report refunds from personal item sales included on your Form 1099-K from eBay, follow these steps in TurboTax:

1. Identify the Refunds: Determine the total amount of refunds you issued for personal item sales.
2. Enter Sales Information: When entering your 1099-K income, you will report the gross sales amount. Refunds are not directly entered on the 1099-K section.
3. Adjust Your Income: You can adjust your total income by subtracting the refunds from your gross sales when calculating your taxable income.

Bottom line, neither one of these seems correct...

In turbo tax "You can adjust the amount according to your records for this line of work or income".  However If Box 1A is "adjusted" or reduced it will no longer match form 1099k Box 1a.

In turbo tax, the next box says "

This amount in box 1a is too high or includes some personal transactions 

Enter the amount that shouldn't be included'

[DianeW777]

If you know that each item was sold at a loss and you have the detail to back that up, you are not required to report income you did not receive. In this case, because the items were personal use, you are also not allowed to report a loss that would reduce other taxable income.

Another way to report the sales is shown below after deleting the Form 1099-K.

• If you're using TurboTax Online software and need to delete a form, click here.
• If you're using TurboTax Desktop software and need to delete a form, click here.

I emphasize the need for you to keep your records with your tax files as well as the 1099-K.

Other Miscellaneous Income:

1. Sign into your TurboTax Online account
2. Go to Tax Home (left panel)  Wages and Income  section
3. Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C
4. Select Other reportable Income > Enter a description (Personal Use Items Sold) and the amount
5. Repeat steps 2-4 with a second entry of 'Cost of Personal Use Items' and enter a negative (-100) for the same amount.

[swarts1]

Understand, can I detail here deductions for personal use items:

Refunds -$, Fees -$, Shipping -$, Cost of Goods Sold -$?

[KrisD15]

Did you sell ANY ONE personal item at a gain (after fees and refunds FOR THAT ONE ITEM) ?

Can you share the link to the three steps you listed above? 

[swarts1]

The 1099k net amount and all amounts entered both positive and negative show up under line 8z and "See Stmt" with detail for each line entered.  However according to the IRS instructions, both line 8z for proceeds and 24z for costs should be used.  If I remove the costs and override the costs to line 24z I get errors, please clarify.

See https://www.irs.gov/newsroom/form-1099-k-faqs-what-to-do-if-you-receive-a-form-1099-k

"Report your proceeds (the Form 1099-K amount) on Part I – Line 8z – Other Income, using the description “Form 1099-K Personal Item Sold at a Loss.”

Report your costs, up to but not more than the proceeds amount (the Form 1099-K amount), on Part II – Line 24z – Other Adjustments, using the description “Form 1099-K Personal Item Sold at a Loss.”

[PatriciaV]

TurboTax reports adjustments to Line 8z income as a negative entry on that same line. This treatment is accepted by the IRS.

If you choose to override the amount on Line 24z, you will need to print, sign, and file your entire return by mail using the instructions included with the PDF of your return.

[ElvinChong]

 box 1a is too high and I adjust amount. But IRS will get ebay reported 1099-K with different amount, how do I report the refunded item/amount to IRS in turbo tax desktop premier vision.

[JamesG1]

I think that you are asking about the amount reported at the screen Personal Item Sales, under I sold some items at a loss or had not gain.

The amount is reported at the top of IRS Schedule 1 Additional Income and Adjustments to Income.

@ElvinChong