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If the amount reported on the IRS form 1099-K box 1a is reduced by selecting All items were sold at a loss or had no gain, there would be no IRS form 1099-K box 1a proceeds to report on an IRS form 1099-B.
So, if the IRS form 1099-K reports $500 and you assign all $500 to All items were sold at a loss or had no gain, no proceeds are now available to report on IRS form 1099-B.
The amount sold at a loss or had no gain is reported on Schedule 1 Additional Income and Adjustments to Income.
See the Note above.
The remaining amounts reported to you on Form(s) 1099-K should be reported elsewhere on your return....
Have you no remaining amounts to report elsewhere?
