If you are claiming Business Income and Expenses, you would enter your 1099-K in that section, reported on Schedule C.
If you are just selling Personal Items, with no Loss or Gain to report, you can delete your entry under Investments (Schedule B) and enter as follows:
- Income
- Other Common Income
- Income from Form 1099-K
- Start
- "Did you get a 1099-K?" YES
- SELECT PERSONAL ITEM SALES on the "Choose which type of income your 1099-K is for" screen
- Continue
- Enter the information from the 1099-K
- Continue
- Select "ALL ITEMS WERE SOLD AT A LOSS OR HAD NO GAIN" on the "Personal Item Sales" screen
- Continue and Done
That's all you need to do, there is no income and no loss (personal item sales cannot generate a loss).
If you do want to report Gain/Loss you would enter each sale in the Investments section only. If you entered it in another place in TurboTax, delete that entry, which is causing your error as it trying to link the 1099-B entries to another K-1 entry.
Here's an example:
Personal items sold for less than their basis (most likely, the original purchase price) report $0 capital gain on line 7 of the Federal 1040 tax return.
Personal items sold for more than their basis report the gain on line 7 of the Federal 1040 tax return. See this example.
Selling Cost
Price Basis
Couch $500 $2,000 Capital loss on personal item = $0 loss
Jewelry $400 $300 Capital gain on personal item = $100 gain
Chair $100 $100 No capital gain or loss
$1,000 $2,400
@TB121P
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