If this is not a business and you are just selling your personal items, then you would enter the 1099-K and take the following steps to enter the form and your cost basis.
- 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 items
You will need to repeat these steps for each 1099K. Since this would be considered investment income, you may need to upgrade to TurboTax Premier to do these entries.
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