Form 1099-K is new and can report so many different types of transactions. I assume the way it is entered in TurboTax will change, but for now it's a little complicated but do-able if you follow these steps.
In TurboTax enter the 1099-K under:
Income
Other Common Income
Income from Form 1099-K START
On the “Did you get a 1099-K?” screen, select “Yes”
On the “Which type of income is your 1099-K for?” screen, select “Personal item sales” CONTINUE
Enter the 1099-K as it was reported
CONTINUE
On the next “Personal Item Sales” screen, make the correct selection.
Choose “I sold some items at a loss or had no gain” if you made a profit on any individual sale
CONTINUE
Finish the interview and select done on the “Your 1099-K summary” screen, this reports the 1099-K but not yet any income since the capital gain needs to be calculated
YOU ARE NOT DONE since you made the first choice that only SOME items sold at a loss, that would mean that at least one item sold at a gain, for a profit.
Now you need to report the sale, go to
Income
Investment Income
Stocks, Cryptocurrency, Mutual Funds, Bonds, Other click UPDATE
The next screen should show “Personal items sales (1099-K)”
Click REVIEW to open
The next screen has an input screen for the Personal items you sold at a
profit/gain.
Enter one sale at a time.
Report when purchased, when sold, how much you paid to buy it and how much they paid to buy it from you
The next screen asks for selling fees.
The profit is Capital Gain listed on your 1040 line 7
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