1099K information input

[smartinkowski]

I have received conflicting information from Turbo Tax.  I sold 93 Personal Items on Ebay all acquired more than 1 year ago.  46 sold at a gain, 47 at loss or no gain.

My 1099K totaled 4,236.58 which were gross sales (fees, shipping and refunds included). $2,241.33 had loss or no gain; 1,995.25 had a gain.  Cost of items with loss or no gain 1,344.91; Cost off items with gain:  1,995.25

                                 All Sales           Loss or No Gain      Sales w/gain

1099 K                     4,236.58            2,241.33                  1,995.25

Ebay Fees:                (627.34)             (313.34)                   (314.00)

Shipping Fees:        (690.86)             (383.08)                   (307.78)

Refund:                     (200.00)             (200.00)                        -0-

Earnings Rec'd      2,718.38             1,344.91                  1,373.47   

Cost of Goods       1,718.91             1,344.91                     374.00

Net Earnings             999.47                 -0-                            999.47

Do the 93 items have to be entered individually?

Do the 46 sold at a gain have to be entered individually?  One agent Melissa said they could be accumulated and entered with a 12/31/2025 date. 

Do the ones sold at no gain or a loss need to be itemized. 

Do they need to have individual sold dates?

Also one of the posts mentioned separating the one 1099K received  into two 1099K entries.  One total for those sold with gain and the other with no gain.

I am using Turbo Tax Deluxe desktop.  I have never experienced such confusing instructions within the Turbo Tax app or from the agents.  Very disappointing, so I hope you can help.

[RobertB4444]

The reason that you are getting so many instructions is that you have several options for how you enter something like this.  The easiest is to enter the net gain as regular income and call it a day.  Personal item sales are only taxable if they have a gain and then only the gain is taxable.  You properly separated them out and so you can easily enter in the amount that is not subject to income tax.  There is a box at the top of 1040 schedule 1 just for that purpose now.

When you enter the 1099-K into TurboTax you will enter all of the information from the form and then check the box for 'Personal Item Sales'.  Then, on the next screen, you will check the box that says "I sold some items at a loss or had no gain."  In that box you will enter the amount that is excluded from income (in your case $3,237.11) and then it will enter everything into the forms just fine.  Save your records in case there are ever questions and you're done.