The IRS definitely does indicate that we should put an entry on Schedule 1, line 24z. This is for the 1099-K paypal for personal property sales that everyone is talking about.
Here is the guidance from the IRS page on 1099-K's (from https://www.irs.gov/businesses/understanding-your-form-1099-k)
Scenario: Personal items sold at a loss
Action(s) to take:
If you receive a Form 1099-K for a personal item sold at a loss, report the information on Form 1040, Schedule 1, Additional Income and Adjustments to Income with offsetting transactions. For example, if you receive a Form 1099-K for selling your couch online for $700 you will report:
Part I – Line 8z – Other Income – Form 1099-K Personal Item Sold at a Loss $700
Part II – Line 24z – Other Adjustments - Form 1099-K Personal Item Sold at a Loss $700
The net effect of these two adjustments on adjusted gross income would be $0.
