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!099-K

I did not receive a 1099-K for 2023 from eBay because of the ongoing arbitration with the reportable amount to be included on the 1099-K. I am using TurboTax Deluxe Edition, but cannot find a section to report the sales. I am selling personal items; I am not a reseller. Is there a section to enter this income without a 1099-K or other 1099 form? Also, the gross sales does not account for the net sales. The net sales should be the taxable amount, as I had to pay fees for using eBay and for postage. How can I report this on my TurboTax edition?

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3 Replies
JamesG1
Expert Alumni

!099-K

You did not receive an IRS form 1099-K and you are reporting the sale of personal items.

 

These items are reported on Schedule D and Schedule 8949.  You will have to upgrade to TurboTax Premium version to report these sales.

 

In TurboTax Online Premium, you would report the items individually as follows;

 

  • Under Wages & Income, scroll down to Investments and Savings.  
  • Click the down arrow and click Start/Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Other.
  • At the screen Let's finish pulling in your investment income, click on Add investments.  
  • At the screen Let's import your tax info, select Enter a different way.
  • At the screen OK, let's start with one investment type, select Other.  Click Continue.
  • At the screen Tell us more about this sale, enter 'Sale of personal vehicle for loss'.  Click Continue.
  • At the screen Now, enter one sale...., enter the sale information.
  • Select Personal items under What type of investment did you sell.
  • Report the sales fees at the screen Let us know if any of these situations apply to this sale, select I paid sales expenses....

Be aware that the loss on the sale of personal items is not deductible against other income.

 

 

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!099-K

Thank you for the detailed information! To upgrade to the Turbotax Premium, do I have to buy an entire new program or pay the difference between my edition and the premium edition to upgrade it?

DawnC
Expert Alumni

!099-K

If you are using the desktop program, Deluxe will work (any version of desktop will work).    But if you are using TurboTax Online, the program will automatically upgrade you to TurboTax Premium when you enter an investment sale. 

 

In desktop deluxe, you can follow JamesG's directions above.  

 

Selling personal items FAQ

 

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