In this highly unusual situation, here is a way to enter the information into TurobTax without being double-taxed on the income.
Enter the 1099-B and do not make any adjustments
Enter the 1099-NEC exactly as it is on the form
Now enter anther copy of the 1099-NEC with the amount as a negative number to cancel out the 1099-NEC
Follow there steps:
- Search for 1099-NEC and jump to 1099-NEC
- Add another 1099-NEC
- Type in the 1099-NEC, but for the amount put a minus sign in front of the number
- For the reason, type: Remove double taxation from 1099-B and 1099-NEC
- No expenses to deduct
That will let you input both forms without being double taxed on them.
