Hello,
I have odds and ends at my home to make some extra money and sold them on ebay. The odds and ends in my home I have had for 20+ years and have no receipts. For the most part (about 90%) I have made a profit on the older stuff just knowing I did not pay what i sold the items for. I cannot prove what was the original cost.
I have chosen personal item sales. Then I am asked "Enter the total proceeds for items sold at a loss" with 2 options
a) I sold some items at a loss or had no gain.
b) All items were sold at a loss or had no gain
When I choose option A, I then am prompted with this entry - Enter the total proceeds for items sold at a loss or no gain. Of course, I do not have an exact dollar amount since it's been 20+ years. But in any event, let's say $500 was for a loss. I then run the "smart check" and I get the "check this entry" which says
"Form 1099-B worksheet: Amount from 1099-K has an amount from linked form(s) 1099-K, but the sales proceeds on this worksheet don't match the payment amount from Form 1099-K. Add sale(s) on this worksheet with sale proceeds to match the amount reported on Form 1099-K"
I am then looking at Form 1099-B and see highlighted for Form 1099-K reconciliation with a dollar amount which is $500 less than what the 1099-K (I did state that $500 was a loss). So I have no clue what I should be doing now with this form. Can someone help me - this is driving me nuts.
Thank you!
