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Unless you file Schedule C as a business, you can not report even one sale that resulted in a loss.   It would be as if you had a garage sale and sold 100 items at a loss, but one thing sold for a  $100.00 profit.  You would need to claim and pay interest on the $100.00 profit.   If the 1099-K reports $500.00 and only that one thing made a profit, you subtract the loss from the 1099-K FIRST, then you report the sale that made the profit.    So lets say the thing that made a profit was something you purchased for $50.00 but sold for $150.00 so you made a profit of $100.00. That means that $150.00 on the 1099-K was payment for that item, so $350.00 on the 1099-K was for things that sold at a loss.  Subtract the things that sold at a loss from the 1099-K. That would be 500 - 350 = 150.    Now you know that you must account for the 150.00 on the 1099-K. You do that by reporting the sale, someone paid 150 (sale proceeds) it cost you 50 (your cost/basis) which results in 100 profit. $100.00 is added to your income.    @bocabroker  @REF531 

Partnership tax gets complicated very quickly......and you are now experiencing the complications: It appears that you have filed a final return for the multi-member LLC I will use A for you and B for the other LLC member When A purchased B's interest the LLC liquidates all property to both members. It is then deemed that A purchased the property from B. You need to review Revenue Ruling 99-6 situation 1 as this applies to your facts. It's doubtful that you have any gain or loss of this transaction once you following the application of the revenue ruling and IRC Section 732. What happens is that your purchase price gets allocated to the items that were distributed to B and that you purchased. You should have also completed form 8594 You will have a bifurcated basis in the assets; basis in the assets that were distributed to you, and then a separate basis in the assets you purchased from B.  Additional complexity will exist when you each owned 50% of single assets and you end up with 100% of those assets. This is not for the faint of heart and determining the correct basis for both sets of assets will be difficult. I would recommend extending your personal return and get professional help.

The prices vary according to your individual situation. You can start for free, and if you have a basic/simple situation you might be able to file for free.  As you work on your return, you might need to upgrade to a different version of TurboTax. You will know exactly what you are being charged depending on the type of forms or schedules you need to file. See the link below for additional information. You can click what applies to you and will know the price range for that situation.    Know Your Price Up Front

Yes, a capital loss should lower your tax bill, not increase it.   Are you sure it is not your refund amount that went up?   What is on Line 7 of your tax return?  Preview Form 1040 in TurboTax Online.   Use Forms Mode if you are using the desktop software.   Cryptocurrency Guide

Thank you so much for reviewing it. The gain was based on the Zonal/BIR value from the document we received after paying for the estate taxes of my dad. That was less than 4 years before the sale of the land. The Zonal/BIR value is very low compared to the offers we were receiving. We didn’t take the highest offer and took a lower offer from a family member so I feel like the Cost basis should be higher and the gain is lower (even a loss)? How do I handle that?  The land was in a very rural area in the Philippines.  Thank you!