It depends. Surprisingly, the 1099K is not the most appropriate to report this information but we will make best use of it. To report this, follow these steps.
- Open or log into Turbo Tax
- Go to federal>wages and income>Investment Income>show more
- Stocks, Mutual Funds, Bonds, Other (1099-B>start
- If you are in Turbo Tax Online, there will be a question that asks OK, what type of investments did you sell? indicate personal items other
- Next screen asks for the name of the issuer and EIN listed on the 1099K
- Next screen says Now we’ll walk you through entering your sale details.
- When you see the first drop-down, select personal items and then answer the remaining questions on this page. This will determine your capital gain or loss for the sale and will appear on Schedule D.
- Make sure to enter the income amount listed on the 1099K as proceeds.
- You will need to enter the cost basis and when you bought the personal item(s).
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