No. Separate loss transactions and gain transactions. Keep your 1099-K in your tax files and do not enter it. Use the instructions below to enter your sales. Two summary sales as shown:
- If any of the items sold at a loss is for personal use items such as from your home, a loss cannot offset other income. For these items you would have the same cost and selling price.
- For any personal use items sold at a gain, this is required to be reported and any gain taxable. It will be added to your other taxable income.
To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?
- Open or continue your return.
- Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
- Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
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