Yes, that is correct. Do not enter the income under Less Common Income and again in the 1099-K section.
As indicated, if you sold personal items at a loss you are limited to the sales price for your cost of items. Any items sold at a gain should be separately reported.
If any items were sold at a gain and have been held or owned by you for more than one year then you would want to report those items as an investment sale. This will provide capital gain treatment and lower tax liability.
To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?
- Open or continue your return.
- Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
- Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
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