1099-K Adjustment
As indicated by other answers, there has been an IRS update to the instructions for entering this information. This revision allows for this to be reported on Form 8949, which is the way that TurboTax handles these transactions.
After you have entered your 1099-K Box 1a gross amount and other information, click continue and then done. Then, follow these directions to account for your loss on the sale of personal items:
- Scroll to Investment Topics and then to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) and click Start (or Revisit.)
- On the Income & Expenses screen find Investments and Savings (1099-B,1099-INT, 1099-DIC, 1099-K, Crypto) and click on Edit/Add
- Next, Select Edit or Review and enter the information from the first personal sale item
- For What type of investment did you sell? Be sure to select Personal Items
- Enter the amount you originally paid in Cost or other basis amount.
- Click continue when you're finished to proceed to the review screen.
- Select Add another sale to add additional items. (Summaries from the sale of lots are allowed, but be sure to keep good records and make them easily accessible for the next three years.)
[Edited: 2/3/23 3:55 PM PST]
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