TurboTax is balancing everything entered on the 1099-K. Sales with gain are reported as Investment Sale Income, and the losses are considered Personal Losses (not deductible), so between the two entries, it matches the totals on the 1099-K.
1099-K for Sale of Personal Items
- In the Wages & Income tab, select Start next to Income from Form 1099-K (under 1099-MISC and Other Common Income)
- Choose Personal Items for the type of income
- Click Continue
- Enter the issuer information and any amounts in Box1a and Box 4.
- Click Continue, then Click Continue again. The 1099-K summary screen appears.
- Click Add a 1099-K if you have more to enter. Otherwise, click Done.
- Go to Investment Income and click next to Stocks, Mutual Funds, Bonds, Other.
- If you’ve already entered an investment account, it will appear. To change a previous item, click Edit. To add a new item, click Add More Sales or Add an Account.
- Click No to Did you get a 1099-B or brokerage statement for these sales.
- Select either enter one sale at a time or enter a summary for each sales category.
- Enter Description (e.g. personal items), Date sold, Date acquired (can enter “v” for “various”), Sale proceeds, Cost or other basis, Holding period
- Click Continue
- Any of these less common items? Enter if applicable. Click Done.
- Select No for Was this a sale of employee stock? Click Continue.
- Select any less common adjustments that apply. Click the box next to “Any loss from this sale is not deductible…. Then select “This is personal use property”
- Click Continue. TurboTax will have prepared Form 8949 showing the sale and zero for the loss.
@LaurieB17
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