@jackie9997
No, you need to report the 1099K as it is. However you can report it as Other Miscellaneous Income.
- Select Federal from the left menu.
- Select Wages & Income
- Scroll down to Less Common Income, and click Show more
- Scroll down to Miscellaneous Income, 1099-A, 1099-C and click Start
- Choose the last option, Other reportable income and click Start
- Enter the applicable description and amount and Continue
- First, enter Form 1099-K as received. Enter the full amount, and for a description, include Form 1099-K and Personal Property Sales
- Next, in other reportable income also, enter an adjustment to reflect the cost of these items as an offsetting, negative amount up to the amount of the income and for the cost description, include Form 1099-K and Cost of Personal Property.
[Edited |02/28/2021|, 12:21pm PST]
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