The second screen that you encounter when you enter the IRS form 1099-K is titled Personal Item Sales.
There are two options on the screen:
- I sold some items at a loss or had no gain, and
- All items were sold at a loss or had no gain.
The posting of IRS form 1099-K for personal item sales is a two-step process.
- First, you post the IRS form 1099-K amount of box 1a.
- Second, you post the IRS form 1099-B Proceeds From Broker and Barter Exchange Transactions to report the sales proceeds and the cost of sales.
Make sure that the amount reported on the IRS form 1099-K box 1a equals the Proceeds reported for the multiple entries of IRS form 1099-B.
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