@DaveF1006
Would the instructions be clearer if one said
Open 1099-K Worksheet
1099-K amount entered from Box 1 will be visible at the buttom of the form called
1099-K Reconciliation line 1. If you sold personal property make the adjustment to line 2 and add a supporting statement " Cost of personal property sold:" as a description - enter same amount from 1099-K
Now - dont forget to print this with your 1040 as the zero in Schedule 1 - Other income will not force the statement to print as the amount is now zero due to the negative adjustment made. So you have to generate it manually. This may be an issue for E-Filing if this statement is not included. The IRS will see a zero amount on Schedule 1 and no explanation. This needs to be addressed by Intuit and soon as I expect many people received 1099-K for items sold personally as the limits have been decreased for 1099-K thresholds.
Again - you need to code 24Z adjustment line to be the negative one !
