The posting of IRS form 1099-K for personal item sales is a two-step process.
- First, you post the IRS form 1099-K amount of box 1a. In your case, the amount in box 1a is too high or includes some personal transactions reduces this number.
- Second, you post the IRS form 1099-B Proceeds From Broker and Barter Exchange Transactions to report the sales proceeds and the cost of sales.
Make sure that the amount reported on the IRS form 1099-K box 1a (less the box 1a which is too high) equals the Proceeds reported for the multiple entries of IRS form 1099-B.
If you are reporting dollars and cents and not rounding off, these numbers will have to balance to the penny.
I am unclear on the reference to shipping costs. Are you saying that the amount reported on the IRS form 1099-B should be higher?
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