Get your taxes done using TurboTax
I'm sorry. I am not able to view the .PNG file.
In TurboTax Premium Online, you are entering the IRS form 1099-K and reporting personal item sales. You are receiving a Review error.
The reporting of personal item sales takes two steps:
- The first step is entering the IRS form 1099-K and reporting personal items sales.
- The second step is reporting the sales on Schedule D of the Federal 1040 tax return.
In TurboTax Online, to report Personal item sales, follow these directions.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click the down arrow to the right of Other Common Income.
- Click to the right of Form 1099-K.
- At the screen Did you get a 1099-K?, select Yes.
- At the screen How would you like to upload your 1099-K? click Type it in myself.
- At the screen Which type of income is your 1099-K for, select the button for Personal item sales. Click Continue.
- At the screen Let's get the info from your 1099-K, enter the information.
- Click Continue.
- At the screen Personal Item Sales, click Continue.
- At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’. Click Done.
- At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….). Click the down arrow.
- To the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), select Start/Revisit.
- At this screen, you will be asked to Review the Personal item sales (1099-K). Click Review.
- At the screen Now, enter one sale…., answer questions about the personal item sale. Click Continue.
- At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.
The entry will be reported:
- on Schedule D of the Federal 1040 tax return, and
- on line 7 of the Federal 1040 tax return.
Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.
