After entering the IRS form 1099-k and selecting 'personal item sales', select 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 to the right.
- At this screen, you will be asked to Review the Personal item sales (1099-K). Select 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.
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