topic Re: 1099-K Ebay in Get your taxes done using TurboTax

1099-K Ebay

djoh138 — Wed, 01 Feb 2023 19:18:17 GMT

Hello,

I sold some items on Ebay for a total of $20,000, all at a loss. These are personal items and not part of a business. I received a 1099-K from Ebay.

Per Turbotax instructions, I entered the 1099-K and then was instructed to provide more information of the personal items sales under investment income.

Under investment income, do I have to log the sale of every single item or can I use the yearly lump sum $20,000 as listed in the 1099-K under one sale? I ask because the 1099-K also shows individual months and I clearly was selling multiple items.

Thank you.

Re: 1099-K Ebay

Vanessa A — Wed, 01 Feb 2023 19:37:15 GMT

With that large of a loss, the more you can break it down, the better. If you had a few large items that you sold, list them individually. If you then sold multiple of the same item, then you can list them as one. For instance, if you sold 50 Ford Manuals at $20 each, you could group them all together.

Re: 1099-K Ebay

djoh138 — Wed, 01 Feb 2023 20:01:52 GMT

Thanks! For the cost basis, I tried entering the actual cost for each sale, but that would always lead to capital loss in TurboTax…which is not allowed for personal item sales I understand it. So is it okay to just enter the amount of the selling price as cost basis to offset to zero?

Re: 1099-K Ebay

Vanessa A — Wed, 01 Feb 2023 20:21:22 GMT

Did you select "personal items" as what you were selling?

As you continue through the interview you will see a screen that says Select any less common adjustments that apply on the download version. Select "Any loss from this sale is not deductible for reasons other than disallowed sale"

If you are using the online version, you can select that you sold Personal Items. When you do this, it removes the loss.

Re: 1099-K Ebay

djoh138 — Thu, 02 Feb 2023 04:42:51 GMT

Thanks!!