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Get your taxes done using TurboTax
It sounds like you engaged in personal item sales. This TurboTax Help states:
Each gain or loss from a personal item sale needs to be reported separately. If you had a loss on the sale of any personal item, it cannot cancel out any gain on the sale of another personal item.
You would report the amount of payment reported on the IRS form 1099-K(s) that you received.
Amounts that are reported as "I sold some items at a loss or had no gain" are reported at the top of Schedule 1 Form 1040.
Amounts that are reported as income are reported
- on Schedule D of the Federal 1040 tax return, and
- on line 7 of the Federal 1040 tax return.
Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.
In TurboTax Desktop, to report Personal item sales, follow these directions.
- Across the top of the screen, click on Federal Taxes.
- Across the top of the screen, click on Wages & Income.
- Click I'll choose what I work on.
- Scroll down to 1099-Misc and Other Common Income and click to the right of Income from Form 1099-K.
- At the screen What type of income is your 1099-K?, select Personal item sales.
- Click Continue.
- At the screen Let's get the info from your 1099-K, enter the information. Click Continue.
- At the screen Personal Item Sales, report if some items were sold at a loss or had no gain.
- Click Continue.
- At the screen Your 1099-K Summary, select Done.
- At the screen Your 2024 Income Summary, scroll down to Investment Income and Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
- Click to the right.
- At the screen Let's finish pulling in your investment income, click the down arrow to the right of the 1099-K entry.
- Click Edit.
- At the screen Review your Form 1099-K, click on the pencil icon to edit.
- Enter sale information. Click Continue.
- At the screen Let us know if any of these situations apply to this sale, you may report sales expenses,
- Click Continue.
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‎February 3, 2025
7:42 AM