Are you reporting an IRS form 1099-K and personal item sales?
If so, 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.
- Second, you post the IRS form 1099-B Proceeds From Broker and Barter Exchange Transactions to report the sales proceeds, cost basis and selling costs.
Make sure that the amount reported on the IRS form 1099-K box 1a equals the Proceeds reported for the multiple entries of IRS form 1099-B.
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