February 1, 2021 12:37 PM
This is not a personal business. I am just selling things my daughter has outgrown to fund new items. I am at a loss of what to do!
February 1, 2021 1:06 PM
These are the instructions on how to enter information in the program when household goods were sold at a loss and you receive a 1099-K:
- From the left menu, go to Federal and select the first tab, Wages & Income
- Add more income by scrolling down to the last option, Less Common Income, and Show more
- Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
- Choose the last option, Other reportable income and Start and Yes
- Enter the applicable description and amount and Continue
- First, enter Form 1099-K as received. It is essential that the full amount be entered.
- Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount.