RobertB4444
Expert Alumni

Get your taxes done using TurboTax

@AliciaP provided you with this link above to help with entering your 1099-K.  The linked article has links to business income advice and sales of collectibles.

 

In your case you have three types of income.  I recommend entering the personal sales as sales of personal property under investment income.  Just remember that your losses are only allowed up to the amount of the sales.

 

The class action income is entered as "Other Income" down at the bottom of the income section in TurboTax.  It has a space to describe the type of income and you'll just enter "Class Action Settlement".  

 

The gambling payout you don't say whether it is gambling winnings or just a return of what you had paid in to the gambling site.  If it's gambling winnings then you need to enter it into the section for that.  If it is a return of your paid in money then you have two choices - leave it off or enter it twice under "Other Income".  Enter it once as a positive number with "Return of money paid in" as a description and then a second time as a negative amount with the same description.

 

Keep all of your records proving what all of this stuff is.  This is all really new for us and for the IRS and we just honestly don't know how they're going to handle or react to all of this.  They normally look to make sure that the numbers on your tax return match the 1099s that you've received and in the case of these mixed 1099Ks that simply isn't possible.  So cover all your bases and be prepared to deal with a letter from the IRS if you get one.

 

@jko_aus 

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