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Get your taxes done using TurboTax
Enter the 1099-K in TurboTax (see below) and add a separate line item with a negative amount that represents the reimbursement from his friend.
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 (Reimbursement via 1099-K) 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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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 (Cost of 1099-K Purchase) 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.