Just a follow-up to note that IRS delayed the implementation of the new $600 reporting threshold for third party payment networks to 2023, but nonetheless provides instructions for those who nonetheless received a 1099-K for 2022.
https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-t...
https://www.irs.gov/pub/taxpros/fs-2022-41.pdf
For example (from the second link above):
"The loss on the sale of a personal item is not deductible. For calendar year 2022 tax returns, if you receive a Form 1099- K, for the sale of a personal item that resulted in a loss, you should make offsetting entries on Form 1040, U.S. Individual Income Tax Return, Schedule 1, Additional Income and Adjustments to Income, as follows: Report your proceeds (the Form 1099-K amount) on Part I – Line 8z – Other Income, using the description "Form 1099-K Personal Item Sold at a Loss." Report your costs, up to but not more than the proceeds amount (the Form 1099-K amount), on Part II – Line 24z – Other Adjustments, using the description "Form 1099-K Personal Item Sold at a Loss."
Is there a way to follow the IRS instructions above using TurboTax?
