topic How do I enter 1099-K detail? in Business & farm

How do I enter 1099-K detail?

Gbrad — Sun, 16 Feb 2025 22:07:40 GMT

I received a 1099-K from eBay for selling multiple personal items in 2024- 58 items in total. Some sold at a loss, others at a gain. I am using TT 2024 home and business edition. I have entered the 1099-K but can't seem to maneuver to where I need to be to enter the individual sales- can someone help me please?

Re: How do I enter 1099-K detail?

DianeW777 — Sun, 16 Feb 2025 22:29:10 GMT

Yes. Enter two separate 1099-Ks as though you received two, one for your personal items sold at a loss and one for the personal items sold at a gain. Keep in mind you can separate it into two categories.

One category would be all items sold at a loss and the other category would be all items sold at a gain.

Personal Items Sold at a Loss.

The costs associated with the sale of personal items can be used to offset the income from those items. If these times were sold at a loss, you can simply track this information and keep it with your tax return (you need this in any event) without reporting it. Otherwise you report the income and cost at the same amount because a loss is not allowed for this transaction.

Personal Items Sold at a Gain.

One personal item or a group of personal items sold in one transaction or many that results in a gain requires the gain to be taxed.

It's not necessary to enter each individual sale as long as you have the detail to show how you arrived at your return data.

Re: How do I enter 1099-K detail?

Gbrad — Sun, 16 Feb 2025 23:47:21 GMT

Thanks- I understand the concept of splitting the 1099-K between losses and gains but the screen you show I have not found in my desktop version- can you point me to how I get to that screen?

Thanks

Re: How do I enter 1099-K detail?

KrisD15 — Mon, 17 Feb 2025 00:02:03 GMT

If you sell items online as a business, enter on Schedule C
If you sell personal items online similar to a garage sale enter following these steps:
In TurboTax enter the 1099-K under:
Income
Other Common Income
Income from Form 1099-K START
On the “Did you get a 1099-K?” screen, select “Yes”
On the “Which type of income is your 1099-K for?” screen, select “Personal item sales” CONTINUE
Enter the 1099-K as it was reported

CONTINUE

On the next “Personal Item Sales” screen, make the correct selection.
Choose “I sold some items at a loss or had no gain” if you made a profit on any individual sale

CONTINUE

Finish the interview and select done on the “Your 1099-K summary” screen,
YOU ARE NOT DONE

Now you need to report the sale, go to
Income
Investment Income
Stocks, Cryptocurrency, Mutual Funds, Bonds, Other click UPDATE
The next screen should show “Personal items sales (1099-K)”
Click REVIEW to open
The next screen has an input screen for the Personal items you sold at a
profit/gain.
Enter one sale at a time.
Report when purchased, when sold, how much you paid to buy it and how much they paid to buy it from you

The next screen asks for selling fees, but those are USUALLY deducted before they pay you, so would not be included on Form 1099-K
If they were not, enter here

Once done, you should see the amount of proceeds you needed to address ($50) and the profit you made from that (those) sales.
The profit is Capital Gain listed on your 1040 line 7