"Incorrect amount plus personal property loss sale amount should not exceed the amount in box 1.

I am not able to reproduce the error message that you are reporting in TurboTax Deluxe Online.

 

I do receive an error message that this entry "is not yet supported in this release of TurboTax.  Support for this situation in alignment with newly released IRS instructions will be added in a future release".

 

I am able to report your entry in TurboTax Premier Online without receiving an error message of any kind.  The income is reported on IRS form 8949 / Schedule D Capital Gains and Losses.  I followed these steps.

 

To report Personal item sales, follow these directions.

 

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click Show more to the right of Other Common Income.
• Under Your income and expenses, click the Edit/Add button to the right of Form 1099-K.
• At the screen Did you get a 1099-K? click Yes.
• At the screen How would you like to enter your 1099-K? click Type it in myself.  Click Continue.
• At the screen Choose which type of income your 1099-K is 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, you are told that further information will need to be entered.  Learn More provides detailed information for the next steps.  Click Continue.
• At the screen Your 1099-K summary, notice that the income relates to ‘Sale of Personal Items’.  Click Done.
• Under Your income and expenses, click the Edit/Add button to the right of Investments and Savings (1099-B, 1099-K….)
• At this screen, you will be asked to Review the Personal item sales (1099-K).

At the screen Now, enter one sale…., answer questions about the personal item sale.  Click Continue.

 

The entry will be reported:

 

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

 

@freenet_2k 

I am having the same issue as the original person - I'm using Turbo Tax Deluxe (computer version). I filled in the original amount in my 1099-K of 2451.55 which rounded to 2452.00. When I entered the loss it also rounded to 2452.00 but gave me the error the original poster had "...property loss sale amount should not exceed the amount in box ..." If I entered 2452 for my 1099K value it did not find an error. While federal might have pushed this change for a year - I am in a state that is already requiring the $600 reporting limit so I don't know if that impacts things but there definitely seems to be some rounding and math errors occurring.

Same problem as original poster.  Using TT Home & Business.

 

Rounded up my 1099k and it went thru.

This was the fix for me as well!  Basically, Turbotax makes you "lie" about the box 1 value and you need to round it up to the nearest dollar so that you don't get an error in the Smart Check.  I tried removing the automatic rounding in the 1099-K reconciliation section but this did not work so that the only fix is to round up the value in box 1 to get through the Smart Check.