EBAY Form 1099K and Turbotax is so confusing to complete - Please help me.

[OhioDave111]

Under:

Income
Investment Income
Stocks, Cryptocurrency, Mutual Funds, Bonds, Other    click UPDATE
The next screen should show “Personal items sales (1099-K)” 

Would I need to also make an entry for "Proceeds for items sold with no gain or for a loss?"

The reason I ask is because when I run Smart Check I keep getting an error, and TT takes me to worksheet 1099-B (photo below). Or, am I missing something else? Any help is appreciated.

BTW, the bottom part of 1099-B worksheet is filled out based on your help re: investment income entries.

Thanks!

[Vanessa A]

Did you split up the entries for the 1099-K?  The error is saying there is a mismatch.

If you only included some of the income, you would need to include the rest so that it matches the 1099-K. 

[OhioDave111]

Yes, I did with three entries for the three different types (or "lots") of stuff (that had a Gain) my spouse sold on eBay.

The 4th type of stuff I did not enter in TT was the Proceeds from items with "no gain or at a loss."

Do I enter that because it almost matches the difference between the red text $4,380 and the amount on 1099-K ($5,751). For some reason, it's exactly $10.00 off  (i.e., the $4,380.05 is $10.00 low).

Thanks for the quick reply from yesterday. 

[KrisD15]

Are you saying that the 1099-K reported 5,751 but some of that was for personal items that sold at a loss (or broke even)? 

How much was for things that sold at a loss? 

How much was for things that sold at a profit? 

What do you mean by 

For some reason, it's exactly $10.00 off  (i.e., the $4,380.05 is $10.00 low).

[OhioDave111]

First question: Yes

Proceeds for items sold at a Loss = $ 1,360.99 -- would this need to be added under the Income / Investment Income / Stocks, Cryptocurrency, Mutual Funds, Bonds, Other / click UPDATE / The next screen should show “Personal items sales (1099-K)”  ?

Proceeds for items sold at a profit/gain = $ 4,390.06

The $ 4,380 in red text in blue (highlighted) box = $ 4,380.05

I have a detailed spreadsheet to back-up the above figures.

Thanks for helping - this is the lasts section of doing federal taxes before I do another "smart check" then hit the Submit button (if "no errors").

[OhioDave111]

Continuation from before: If I try to add the Proceeds for items sold at a Loss, error message still appears. And the "Learn" tip are little help.

Could someone reply if the below screenshots are correct or on the right track?

All transactions are "long-term."

[OhioDave111]

Update: Disregard the above screenshots. I found the error, which was a wrong entry from the 1099-K.

Sorry for the inconvenience. However, I did learn more about entering eBay sales into TT, something I will be doing next year. Keeping a detailed Excel spreadsheet also facilitates the process. 

[JamesG1]

A spreadsheet that details all of your sales, cost of sales, sales commissions, shipping costs, and profit/loss is obligatory.

Consider, as well, rounding the numbers to the nearest dollar before entering into the software.