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Level 2
posted Jan 23, 2022 12:23:47 PM

How do I account for eBay 1099K information that I have claimed as Capital Gains of a Collectable on IRS Form 8949? I do not want to file as a Business.

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1 Replies
Expert Alumni
Jan 23, 2022 12:42:32 PM

Do not enter your 1099-K.

 

You can enter the sale of your collectible by following these steps:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down and locate the section Investment Income and click on Show more
  4. Click Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
  5. Answer Yes to the question: Did you sell any investments?
  6. Answer No to the question: Did you receive a form 1099-B or brokerage statement?
  7. Select Collectible from the list of investments.
  8. Follow the TurboTax interview to enter your information. If you incurred sale expenses, you can subtract them from the proceeds.