I have 1009k from online sales. All sales were for loss.

[bostondog]

I have a 1099k from an online sale platform. All my sales were for loss. I click the box stating all sales for loss. I keep getting a review needed error. What am i doing wrong?

[DianeW777]

It depends. If you have personal use items that were sold at a loss then you can use the instructions below to enter the income and cost (do not enter more in cost than sales because a loss is not allowed to be used against other income.

You may want to delete the 1099-K first.

• If you're using TurboTax Online software and need to delete a form, click here.
• If you're using TurboTax Desktop software and need to delete a form, click here.

Enter an Investment sale for the personal use items using the instructions below.

To enter your sale in TurboTax, follow these steps. 

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (select this box)
3. Answer Yes to the question Did you sell any of these investments in 2024?
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
   • Click this link for more information. Where do I enter Investment Sales?
   • Select Type as Personal Items 
   • If you aren't sure of the date of purchase you can can select 'Something other than a date' to select Various
   • Be sure you know your holding period (long term is over one year, everything else is short term)

If you did sell in different lots and times any sale that resulted in a gain is taxable and cannot be lumped with other losses.

[bostondog]

I sold personal items, quite a few guitars on reverb.com.    The sales were all separate and all were for loss. It gives me the box to check that says all sales were for loss. Am still confused.

[DianeW777]

I'm not sure where the confusion is. If you select all was a loss, then make sure the loss is not used against other income. TurboTax should limit it to the income. You can prereview Form 1040, Schedule 1,2,3 before you finish and file. Follow the instructions below. You can also decide to print your return before you file. Instructions for both are shown below.

Print Before Filing:

You have access to all forms when you choose to print your return in TurboTax Online/Mobile.  However you are required to pay before printing, but do not have to file until you are ready.

• Can I print a copy of my return in TurboTax Online before filing?

If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.

Preview My 1040: From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)

1. Select Tax Tools
2. On the drop-down select Tools
3. On the pop-up menu titled “Tools Center”, select View Tax Summary 
4. On the left sidebar, select Preview my 1040 

For TurboTax Desktop, change to 'Forms' and review the forms 

                       

[bostondog]

I guess my confusion is.... If I check the box that says "all sales are for loss",  instead of the "some sales for loss" then do i still have to itemize each individual sale even though they were all for loss? thanks my hang up

[bostondog]

and when i chose the "all items were sold for a loss" in the 1099k section, it then goes to the summary page as if all is done with no errors or review at that point. I click done, then done with income. I then go to review and it says one item, i click that then it takes me to a 1099B worksheet (capital asset sales worksheet)   that worksheet just looks crazy confusing, and just wanted to know it that needs to be filled out, even though i checked the all items were sold for a loss tab?

[MindyB]

If you had done tests of the 1099-K prior to the final choice of personal items sold at no gain or loss, then a 1099-B was created to report your gains.  You can delete it.  Another place that may have populated based on "test" categories is self-employment income.  Check both the Self- employment or Investments and savings section for generated information related to this, and delete.