If you added the 1099-K under "Other Reportable Income", you can also enter the "cost" of the items sold under "Other Reportable Income" - as a negative number.
To report the income:
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Type "other reportable income" in the search window (or in the Search Topic window for desktop versions)
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Click on "jump to other reportable income (or "other reportable income" in the Search Topic results)
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Answer "No" to "Did you receive any other wages?"
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Select "Other reportable income" from the Miscellaneous income list
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Select Add another Income item on the Other Miscellaneous Income Summary screen
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Enter a Description (1099-K Misc Sales"?)and the amount reported, then click on Continue
The amount will be reported on line 8 of Schedule 1 (Form 1040).
To enter the adjustment:
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Answer "No" to "Did you receive any other wages?"
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Select "Other reportable income" from the Miscellaneous income list
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Select Add another Income item on the Other Miscellaneous Income Summary screen
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Enter a Description ("Cost of 1099-K Sales"?) and the amount as a negative number, then click on Continue
A corresponding negative amount will be entered, and line 8 of Schedule 1, will be zero.
