The 1099-K entry for personal items reports the amount on the 1099-K, then adjusts that number to the actual remaining gain. Then you edit the entry under Investments to report how much of the remaining proceeds is income from gains.
Open your return and choose to pick up where you left off (TurboTax Online).
- From the Wages & Income section, go to Income from Form 1099-K and click Add/Edit.
- If you've already entered a different 1099-K, click Add a 1099-K at the bottom.
- Choose Personal Item Sales, continue, then enter the 1099-K information as it appears on the form.
- At the screen Personal Item Sales, click I sold some items at a loss or had no gain, and enter the amount of sales for a loss.
- Continue back to the income summary page and click Add/Edit beside Investments and Savings.
- Continue to the entry where you see "Needs Review" for your 1099-K for personal items. Click Review.
- Complete the form to report the relevant information about the adjustment.
- Continue back to the investment summary page and confirm the "total gain" for your personal sales is correct. If not, click edit (pencil icon).
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