Get your taxes done using TurboTax

Are you able to report I sold some items at a loss or no gain at the screen Personal Item Sales?

If so, report to I sold some items at a loss or no gain all the sales except one sale.  Then the computation becomes:

• The amount reported on the IRS form 1099-K box 1a 
• Less the amount you reported at I sold some items at a loss or no gain at the screen Personal Item Sales 
• Equals the Proceeds reported for the multiple entries of IRS form 1099-B.

Then post the single loss transaction to as an IRS form 1099-B.

• At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click the down arrow.
• Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
• At this screen, you will be asked to Review the Personal item sales (1099-K).  Click 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.

@4texans