Form 1099K for Sales of Personal Items

[gregesq]

Form 1099-K - the selling platform provided a Form 1099-K.  The gross sales amount is reported on the form. Where do I enter the cost basis for each transaction, to establish that the actual income should be $0 because all items were sold at a loss? Where does Turbotax online prompt you to enter these transactions?

[JamesG1 · Accepted solution]

It sounds like you are reporting Personal item sales.  In TurboTax Online, to report Personal item sales of $0, follow these directions.  

• Down the left side of the screen, click on Tax Home.
• Click on the down arrow to the right of Review.
• Click on the blue band labeled Review.
• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Scroll down to Other Common Income click on the dropdown menu.
• Click Start/Revisit to the right of Form 1099-K.
• At the screen Did you get a 1099-K?, select Yes.
• At the screen How would you like to upload your 1099-K? click Type it in myself. 
• At the screen Which type of income is your 1099-K for, select the button for Personal item sales.  Click Continue.
• At the screen Let's get the info from your 1099-K, enter the information.     
• Click Continue.
• At the screen Personal Item Sales, select All items were sold at a loss or had no gain.  Click Continue.

The entire amount of the IRS form 1099-K will be reported on Schedule 1 Form 1040 as included in error or for personal items sold at a loss.

[1Cts1]

  Which TurboTax product do we use to accomplish this to be listed on the schedule 1 1040? Deluxe or Premiere?

[JamesG1]

The directions for Personal item sales outlined above can be reported in both TurboTax Online Deluxe and TurboTax Online Premier.

@1Cts1 

[bakoenigsberg]

Deluxe will not allow you access to form 8949 and Schedule D where you need to put in your gain and basis.  I was told  by TT help that due to current marketing strategy  forms are no longer available unless you upgrade to Premier.  I was also told that this still was not straight forward and a work around needed to be done by clicking other.  This appears to be a money grab by TT to get people to upgrade.