Here is a way to enter the sale of household goods that were sold at a loss:
- From the left menu, go to Federal and select the first tab, Wages & Income
- Add more income by scrolling down to the last option, Less Common Income, and Show more
- Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start
- Choose the last option, Other reportable income and Start and Yes
- Enter the applicable description and amount and Continue
- First, enter Form 1099-K as received. It is essential that the full amount be entered.
- Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount. You do not need to enter a negative number. Just the cost of the goods that were sold.
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