Deductions & credits
Yes. Enter two separate 1099-Ks as though you received two, one for your personal items sold at a loss and one for the personal items sold at a gain (if applicable) Keep in mind you can separate it into two categories.
One category would be all items sold at a loss and the other category would be all items sold at a gain.
Personal Items Sold at a Loss.
The costs associated with the sale of personal items can be used to offset the income from those items. If these times were sold at a loss, you can simply track this information and keep it with your tax return (you need this in any event) without reporting it. Otherwise you report the income and cost at the same amount because a loss is not allowed for this transaction.
Personal Items Sold at a Gain.
One personal item or a group of personal items sold in one transaction or many that results in a gain requires the gain to be taxed.
It's not necessary to enter each individual sale as long as you have the detail to show how you arrived at your return data.
A second action could be the following if the 1099-K(s) are deleted first:
To enter your sale in TurboTax, follow these steps.
- Open or continue your return.
- Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
- Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you sell any of these investments in 2024?
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
- Click this link for more information. Where do I enter Investment Sales?
- Select Personal Items (assumes personal use before sale)- Sales Proceeds and Cost should equal for any losses
- Repeat for any gains
1099-K Entry Image first - Investment Sale second:
