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Deductions & credits
If it is for personal items that you sold for no gain - you have two choices:
- Don't report it at all and save the document with the details of what was sold and what you paid in case you are asked later. Or
- Enter 2 line items under Miscellaneous Income - Other Reportable Income - 1 with the amount of the 1099-K and 1 offsetting entry (negative 1099-K amount). The can description can be something like ''personal items sold for less than basis''. In either case, keep detailed records. @4k111
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‎February 5, 2021
11:16 AM