KrisD15
Expert Alumni

Get your taxes done using TurboTax

Each transaction/sale that resulted in a gain DOES need to be entered. 

Transaction that result in a loss are not reported for personal items, that's why they are subtracted off the 1099-K first. 

Only enter the amount of proceeds that were NOT at a gain, then list the sales for the remaining amount.

 

Example, 1099-K reports $700. You sold and received $500 for things you sold at a loss. You enter 500 in that first section.

Now you need to show what you received $200 for selling. 

You switch to the other section, enter the sales. 

Example, you sold one thing for $200, you list 200 proceeds, this thing cost you $120 when you bought it, so you made $80 taxable income. 

 

If you entered Zero, how are you reporting the gain? 

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