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Get your taxes done using TurboTax
That is well laid out and works. The point is to eliminate the income. We had a conversation and one of the managers had the idea of using Sch D as well. Another said she would be tempted to not report it. I am super conservative when it comes to the IRS. As long as you claim the income and then eliminate it, you are fine. The method you found above works and seems easy to follow. The part where it says to enter an adjustment- that is the key where you will enter a matching amount to zero out the income.
You already entered: 1099k, personal property sales and amount.
Next, enter 1099k, cost of personal property, negative same amount
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‎February 8, 2021
6:44 PM