Unfortunately, since the 1099-K has been reported to the IRS, you will want to include the information on your return. Here are the steps to report the 1099-K when it was for the sale of personal property:
To enter your personal 1099-K items, sign in to your TurboTax account if it is not open and follow these steps:
- Select Income & Expenses.
- Scroll down to Less common income and select show more.
- Scroll to Miscellaneous Income, 1099-A, 1099-C, and check start.
- On the page Let's Work on Any Miscellaneous Income, scroll to " Other reportable income " and click start.
- On the page Any Other Taxable Income, select yes.
- On the page Other Taxable Income, enter a description indicating Personal 1099-K and amount.
- Select continue.
- Select done on the next page
Repeat the above steps this time; in step 6, add the amount as a negative value. Repeating steps 6-8 is to reduce the items that were received for personal use. For example, payments to friends and family, coffee & donuts, amounts to a local store, etc.
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