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Get your taxes done using TurboTax
As @PattiF mentioned, don't enter the forms 1099K only enter the investment transactions.
- Go back and delete the forms 1099K from the "Other Common Income" topic.
- Go to the "Investment" section and just to start clean delete the "Ebay" and "PayPal" entries.
- Next add an investment.
- Select the "Other" tile.
- Enter broker as "PayPal 1099K or Ebay 1099K" as applicable.
- Select "Personal Item" from the dropdown and add the description of the item sold and the transaction details
- Since you selected personal items, if the transaction is a loss, it will not affect your taxes as a personal loss cannot be taken. TurboTax will notify you of this on the next screen
This will put the income items on your schedule D and zero out any personal losses.
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March 2, 2023
7:19 AM