Get your taxes done using TurboTax

It depends. The point of filling out the information is that a 1099 K was issued and the information needs to be reported.  In Turbo Tax, instead of documenting this on a Schedule 1, there is a 1099 K Worksheet that is part of your return and reports that you had a loss on the sale of your personal items that offsets the income.

This is not reported on Schedule 1, because there is no income to report and you cannot report a loss to reduce your taxable income for the year. Instead, the entire transaction is reported in the 1099 K Worksheet as a 1099 K reconciliation. Here is how it is appears in the worksheet. If you had income for the year without the loss, this income would appear on a Schedule 1.