After you file

Perhaps this will be helpful.

You are reporting IRS form 1099-K and reporting personal sales.  

Box 1a is $10,000.  Box 1a is broken down as $1,000 for 30 items sold at a profit and as $9,000 for 220 items sold at a loss.

You may enter the 30 items individually and the total of the Proceeds entered would equal $1,000.  Or you may enter one entry using short-term basis and a second entry using long-term basis.  The total of the Proceeds entered would equal $1,000.  In either case, the detail of the 30 items sold should be retained on a spreadsheet should a tax authority have a question about the transactions at a later time.

In TurboTax Premium Online, report Personal item sales by following these steps.

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Scroll down to Other Common Income click on the dropdown menu.
• Click to the right of Form 1099-K.
• At the screen Did you get a 1099-K?, select Yes.
• At the screen How would you like to upload your 1099-K? click Type it in myself. 
• At the screen Which type of income is your 1099-K for, select the button for Personal item sales.  Click Continue.
• At the screen Let's get the info from your 1099-K, enter the information.  
• In Box 1a enter $10,000.    
• Click Continue.
• At the screen Personal Item Sales, you are told that further information will need to be entered.
• Because $9,000 of the selling price will not be reported, enter $9,000 under I sold some items at a loss or had no gain. 
• Click Continue.
• At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
• At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click Add / Edit to the right.
• At this screen, you will be asked to Review the Personal item sales (1099-K).  Select Review.
• At the screen Now, enter one sale…., answer questions about the personal item sale.
• Enter Personal items.
• Enter I purchased it.
• Enter Description of the first of the 30 items.
• Enter the dates of purchase and sale.
• Enter Proceeds.  If you enter each of the 30 items, the total of the 30 items will be $1,000
• Enter Total amount paid, enter your cost basis.  
• Click Continue.
• At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.
• Click Continue.
• Click Add another sale to add additional sales entries.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

The amount reported to you on Form 1099-K that was included in error or for personal items sold at a loss is reported at the top of Schedule 1 Additional Income and Adjustments to Income.