Get your taxes done using TurboTax
To enter the 1099 K and then back it out immediately take the following steps:
- Income
- 1099-K under Other Common Income
- Select Personal Items Sales
- Enter the information from the 1099-K
- Then on the next screen select All items were sold as a loss or had no gain.
You cannot take a deduction for a loss, however, this will cause the income you entered to be "erased" but still reported on your return.
