Where did you enter the 1099-K? If you used jump to or entered it in the business income section, it would look at this as business income. To enter it as regular income take the steps below. But before you do that you will need to delete the 1099-K you have already entered by selecting Tax Tools>>Tools>>Delete a Form>>Delete next to the 1099-K worksheet and delete next to the Schedule C.
Then you will enter the 1099-K and take the following steps to enter the form and your cost basis an Schedule D instead of C.
- Federal
- Income
- Show More next to Other Common Income
- Start next to Income from Form 1099-K
- Enter your 1099-K
Next you will select
- Federal
- Income
- Show More next to Investment Income
- Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Select Other
- Continue through and select Other again for the type of investment
- Answer how you obtained the items you sold
- You will need to enter the selling price, dates and the cost basis of the item
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