Get your taxes done using TurboTax
An IRS form 1099-K may be reporting personal item sales that resulted in a loss on sale of personal property.
At the screen Personal Item Sales, you may select All items were sold at a loss or had no gain.
The entry will be reported:
- on line 8z of Schedule 1 of the Federal 1040 tax return, and
- on line 8 of the Federal 1040 tax return.
Make sure that you keep records of all transactions. Later, you may need to demonstrate to the IRS that this is not taxable income.
