Thank you for your reply. I need all the help I can get. My thinking is constrained to TurboTax vs accounting or US tax reporting per se, since my tax reporting knowledge is rudimentary. Thus, my dilemma is, how to reconcile this within turbotax? The 1099-K is considered and calculated as regular income. If I manually add Form 8949, will TurboTax then "convert" the reported amount to L-T capital gains?
BTW, I found Form 8949, but I get stuck half-way through trying to add it in TT. Dialog says that 8949 is added automatically based up Schedule D input. So I guess I have to find that trigger without messing things up. I'll keep trying and will check back for any replies later. Thanks again.
