Business & farm

The 1099k reported from paypal for personal property sales needs to have an adjustment. You are correct the personal property sales should not be taxable but including them as investment sales is not accurate also. 

The best option would be to provide an adjustment for 1099K transactions deemed to be non taxable as they were personal items sold out of a garage using an electronic means - hitting paypal and having the paypal receipts received as goods and services. The service is looking for a 1099-k match and one has to report it. The handling of Turbotax to adjust the same should have been done via a check box ("did you receive a 1099-K for sale of personal items and you are not in a trade or business?" if yes, click here - then generate a statement support and adjust line 24z as a negative of 1099-K line 8 amounts. Additionally, please provide instructions on direct form entry (some of us dont use the guided style of entry). I tried the previous suggested approach and it did not result in "other misc income adjustment" - tried override in 24Z line - the final line does not calculate at all after an override is entered anyway.

 

Can Intuit consider this?