Hi - I am not following the explanation. I am very familiar with the tax law rules for the 1099-K. However, my question is more about how to reflect the correct application of the tax law in Turbo Tax.
Do I need to record all 250 sales on the appropriate schedule? If so, I would have to enter in 250 combinations of proceeds, descriptions, cost basis etc. Is this what I need to do or do I only focus on entering the 30 gains because TurboTax will create a line item for me on the return of the 220 loss transactions or are you saying I enter in 2 total transactions ,1 represents aggregate gains, 1 aggregate losses? I am fully aware I cannot deduct the losses from my gains for personal income and that I will pay income tax only on the gain items.
Turbo Tax UI and Instructions are fairly poor on 1099-K and need to be significantly improved especially if congress moves forward with keeping the $600 threshold after this transitional $2500 year.
