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Delete and re-enter the 1099-K if necessary.
Enter the 1099-K under
Income
Other Common Income
Scroll to the LAST option on that list "Income from Form 1099-K" Start or Update
Be sure to select "Personal item sales" on the first screen titled "Choose which type of income your 1099-K is for"
Enter the 1099-K
Select Continue and Done
Now go back to Income
Scroll down to Investment Income
Scroll down to "Stocks Mutual Funds, Bonds, Other" and click Start
There should be an account generated from the 1099-K listed on that screen
Click Edit next to the account
Select to enter a summary if the sales were all for items you had over one year (or which you inherited)
Enter the amount reported on the 1099-K in the Total Proceeds box
Enter the Total Cost Basis (your value, usually what you pad for the items)
Select Long term if you had the items for more than one year
Usually items sold on e-bay sell for less than what you paid, so usually there is no gain.
There is never a loss allowed for personal items sold.
Usually, this results in zero income, no gain no loss.
Your return will include Schedule D showing the no gain no loss
If you did sell something for a profit, you might list that separately and you will have Capital gains for that sale.
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ZeZa
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ZeZa
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skinnynic
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stephdw14
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stephdw14
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