For the first option, go ahead and select Add another income. On this entry, indicate that it is an offset to Form 1099-K and enter it as a negative. This is going to show both the full amount and the full subtraction on your return, and that is what you want. The IRS needs to match that first number. Your offset is allowable to the extent that it does not exceed the proceeds.
Yes, it is ok to report personal sales in the investment sales section. Investments that are reported do not always have Form 1099-
B or Form 1099-S.
- For the person or financial institution that brokered the sale, you can use the name of who issued Form 1099-K to you, in this case, PayPal.
- For the date, select Something other than a date so that TurboTax will enter Various for you.
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