I am anticipating a 1099k for sales of collectors items from a video game this year and have a few questions:
1. I guess first and foremost, I was playing around in the 2022 online version of TT to see what the 1099-k reporting is like since I've never received a 1099-k before. Is it is possible that the Turbo Tax fields and options may change to more accurately reflect the types of sales/reporting/transactions that are likely to come in for the year based on the 1099-k rule change going into effect in Tax Year 2023? If not, my questions below are about how to make sure I'm reporting these sales accurately. based on current TurboTax options.
2. I've had these collectors items for over 5-10 years as part of a personal collection. In the 2022 online version of TT, looking at the 1099-k Type options, I believe this would qualify as sales of personal items but TT seems to assume that personal items sales mostly involve items sold at a loss or no gain. I entered 0.00 in the field asking about "Proceeds for Items Sold at a Loss or No Gain," because that is accurate in this case, and this later prompted a 1099-b form that needed to be linked to the 1099-k. I won't be receiving a 1099-b, so am I am confused by this. The IRS guidance on 1099-ks for items sold at a gain includes filing a Schedule D and Form 8949. Is there someway to manually add these to a return in progress on TT?
