turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

catbunses
New Member

I dont have form 1040 or schedule C, but i received form 1099-k. turbotax is asking me to "double click to add link to schedule C" what do i do?

1099-k is for selling personal items on eBay
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
rjs
Level 15
Level 15

I dont have form 1040 or schedule C, but i received form 1099-k. turbotax is asking me to "double click to add link to schedule C" what do i do?

Duplicate question. Answered in your other post of the same question.

 

Please post your question only once. If you want to add more information or post a follow-up question, add a reply to your original question. Do not post separate questions about the same issue.

 

KrisD15
Expert Alumni

I dont have form 1040 or schedule C, but i received form 1099-k. turbotax is asking me to "double click to add link to schedule C" what do i do?

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. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question