How to enter in TurboTax Home and Business 2022 DESKTOP a 1099K from Ebay under $20,000 for the sale of personal items at a loss

The following is the current guidance on receiving a 1099-K for personal items sold at a loss:

There was a revision on January 27, 2023, from the IRS reglong-termarding the reporting of 1099Ks, with losses from sales of personal item(s) reported to the taxpayer on form 1099K. It states to either report on Form 8949 as done, or Schedule I lines 8z and 24z, as applicable.

Again, since it is Personal Items, in TurboTax it's correctly reported on Form 8949. First, enter your 1099K, after you enter your Box 1a gross amount and payer select continue. Select “Learn More” for instructions to enter your cost basis and proceeds in another section for your losses/gains (see instructions below). 

We’ve collected your 1099-K information, but you’ll need to add more info about your sale in another section.

1. Select Continue on this screen.
2. On the Your 1099-K Summary screen, select Done.
3. From the Income Landing table, navigate to Investment topics, and select Start or Revisit for "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
4. Go to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) on the Income & Expenses screen. Select Edit/Add. 
5. On Your Investments and Savings Summary screen, you’ll see a line item for your 1099-K income. Select Edit or Review and enter the information for the first personal sale item.
   • Be sure to select Personal Items under the What type of investment did you sell?
   • The Cost or other basis amount should be the amount you originally paid for the item.
6. Select Continue when you’re finished to go to the Review your Sales screen.
   • If there was more than one personal item sale included in the 1099-K amount, select Add another sale to add each item.

If you sold your personal item(s) for a loss, that loss cannot offset other income on your tax return like capital loss items (stocks).

If you sold your personal item(s) for a gain, then you’ll need to pay short or long term gains tax on it, depending on how long you held the item. This is why you should enter each item separately and not net them together.

@PeggyH3