How to report sale of personal property on schedule 1 with no 1099K?

[mary_di]

Sold old craft supplies.

[DoninGA]

Was the personal property sold for more or less than the original purchase price of the property?

[Vanessa A]

If you sold old craft supplies, did you sell them at a gain or break even or at a loss?  If you did not sell them at a gain, then you do not need to report the sale.  To determine if you sold them at a gain or loss you will subtract what you paid for them from what you sold them for. 

If you sold them at a gain, then you will enter the sale by selecting the following:

1. Federal
2. Income
3. Show More next to Investment Income
4. Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
5. Select Other
6. Continue through and select Other again for the type of investment
7. Answer how you obtained the items you sold
8. You will need to enter the selling price, dates and the cost basis of the items

[mary_di]

This does not work. On my screen it shows 1099K next to other common income but when I click on no 1099K it stops the action. The area you said to go to gives no place to address personal sales. I've been working on this for two days. It should have taken less than an hour to do the entire return. I even upgraded the return thinking it was a schedule not allowed in the free return but still no luck. I appreciate your help but honestly, I'm about to give up and go to another service.  I'm very frustrated.  I hope you can help me. I'm a returning turbo tax  customer of 7 years. Can that be causing the problem?  

Thank you again for trying to help me. 

Mary DiMatteo

[DoninGA]

@mary_di You only enter the income received if you sold the property at a gain.

The income received is entered in the Investment Income section of the TurboTax program.  If you are using the TurboTax online web-based edition you will need to upgrade to the Premium edition.

Click on Federal on the left side of the online program screen

Click on Wages & Income

Scroll down to Investments and Savings

On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), click the start or revisit button

On the screen Did you have investment income in 2023? click on Yes

On the screen Let's import your tax info click on Enter a different way

On the screen OK, let's start with one investment type click on the Other box and Continue

On the screen Tell us more about this sale enter any name you want and Continue

The following screenshot is where you enter the sale -

[mary_di]

Hi, Thank you, I did find it. Thanks to you. But now our IRA distributions are not showing on the tax return and neither is the capital gain. I even upgraded to premium (but not yet paid) and no luck.  I'm feeling that this is the worst program. This should be a very simple return and it's taking forever. I do appreciate your help though. I think I would have given up by now. 

Thanks again, 

Mary Di

[DoninGA]

@mary_di Are you sure the IRA distributions or the capital gains are not on your tax return?

You can look at you Form 1040 and Schedules 1, 2 and 3 at any time.  The IRA distribution will be on the Form 1040 Line 4a with the taxable amount on Line 4b.  Any capital gain or loss will be on Line 7

Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

[mary_di]

Hi again, this morning when I returned it was in there. Maybe it just needed to reboot. Anyway, apparently, I have to use premium for this extremely simple tax return. I'm now trying to figure out how much it is. I think it's $89 but I can't find it within the program. I've used so many programs but for some reason I find this one very difficult to dig out the information I need. I want to thank you for your help you've really been great. Thanks again

[DoninGA]

@mary_di Here is the TurboTax website for the Premium online edition - https://turbotax.intuit.com/personal-taxes/online/premium/

When you have entered information in the Investment section of the program, you should be directed by the program to upgrade to the Premium edition.