If all goods were sold at a loss and you want to report the income because you received the Form 1099-K, you can delete that and then enter your personal items sold using the steps below. Since you are not allowed to take a loss against other taxable income due to the sale of personal use items, then you can enter a cost the same as the sales price (income on Form 1099-K). This will report it and remove the 'needs review'.
You'll need to delete this form --------------------.
- If you're using TurboTax Online software and need to delete a form, click here.
- If you're using TurboTax Desktop software and need to delete a form, click here.
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 > Select Other and say 'no to 1099-B'
- 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.
It's most important for you to keep exact records of each item sold, as well as dates of sale should the IRS every want to request a review.
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