JamesG1
Expert Alumni

Deductions & credits

Yes, here are some ideas.  First, I recommend rounding the $1,017.14 to $1,017.00 so as to avoid errors in the software solely as a result of the $.14 difference.

 

Second, follow this example.  If the IRS form 1099-K reported $1,517 in box 1a, 

 

  1. You would report the full $1,517 at the screen Let's get the info from your 1099-K.
  2. Click Continue.
  3. At the screen Personal Item Sales, you would report $500 at I sold some items at a gain.  The $500 should be reported at the top of Schedule 1 Additional Income and Adjustments to Income.

 

 

 

Now you move on to the IRS form 1099-B transaction.

 

  1. The $1,017 that is left is what is reported as Proceeds at the screen Review this sale.
  2. Cost basis is reported under Total amount paid, reported the taxable gain.

To report any number other than the $1,017 under Proceeds at the screen Review this sale will result in the error message that you describe.

 

In your question, you refer to the $1,017 as the gain on the personal items, so I suspect that the amount reported in box 1a of the IRS form 1099-K is a higher number.

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