Get your taxes done using TurboTax
You are correct, TT doesn't prompt you to enter your transaction details. In the step-by-step view, you can enter that information; however, in the section labeled "Investment Income (see pic)," the first step in that section is called "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other." That section title still seems illogical to me, however, that's where I input my 2024 1099K transactions - both profit and losses. When you start on that first section, it should pull in "income" from your 1099K, and clicking on that will allow you to input individual transactions - you don't need to switch to forms.
The information required is
- What type of investment (select from drop down list)
- How did you receive the investment (select from drop down list)
- Description (i.e., what did sell)
- When did you receive it?
- Date sold
- Proceeds
- Total amount paid (i.e., what did you pay for the item)
In the case of eBay, I could download a transaction report which has important information such as net proceeds, date sold, etc. I was fortunate in that I had a record of what I paid for each item. I did not have the date acquired, but in this case all the IRS is looking for is whether you had it for a year or more so they can classify it as a short term or long term asset, so I filled in the date acquired using my best estimate knowing that all of my items were held in my possession well over 1 year.
Hope this helps.
