Are you able to remove the IRS form 1099-K? Then are you able to remove the IRS form 1099-B? Finally, are you able to Review and receive no errors?
If you are able to reach this point, enter the IRS form 1099-B reporting the personal item sales directly into the software.
In TurboTax Online, follow these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & Income.
- Scroll down to Investments and Savings and click the down arrow to the right.
- Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
- Click Add investments.
- At the screen Let's import your tax info, click Enter a different way.
- Click on Other. Click Continue.
- At the screen Tell us more about this sale, enter the information. Click Continue.
- At the screen Now, enter one sale, select Personal items. under What type of investment.
- Enter the sale information with Proceeds as the dollar amount reported on the IRS form 1099-K. Click Continue.
You will not be able to take a loss on personal-use property.
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 IRS form 1099-K will not be reported but the income will be acknowledged on IRS Schedule D.
Maintain a record of the entry or entries should you have to explain what was reported to a tax authority.
@mpnymick
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