Using Desktop TurboTax Deluxe Federal+State 2024.
I sold 1 personal item at a loss that PayPay reported on 1099-K. I entered it in the 1099-K section and noted that all items were sold at a loss. Smart Check is stopping me indicating Box 1 isn't checked and I need to select Schedule C, D, E, F or Form 4835. None of these apply.
I have seen advice stating to file the personal item as an investment under the 1099-B section, indicating my cost basis (original price paid) and proceeds (the sale amount). However, I still don't know what to check when Smart Check stops me and tells me I need to check one of those boxes:
[ ] Schedule C
[ ] Schedule D
[ ] Schedule E
[ ] Schedule F
[ ] Form 4835
[ ] Hobby Income
[ ] Other Income
[ ] Personal Property Rental
It indicates in bold that one is required, but checking any of them seems to reduce my refund and indicate that I'm getting taxed on the $1000 I sold a $2200 item for, even with an entry under the 1099-B section indicating that. What do I do here? I don't want to leave it blank and have my return get flagged since one of the boxes is apparently required.
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Did you select "Personal items sales" on the "What type of income is your 1099-K for?"
Did you select "All items were sold at a loss or no gain"
If yes, there should be no smart-check errors.
Please review that entry
@KrisD15I reviewed many times... however, I just closed and re-opened TurboTax to take a walk out of frustration and SmartCheck is now not giving any errors. I even deleted the 1099-B entry for the item and SmartCheck is again not reporting errors.
I really dislike the desktop version of TurboTax, and this is now another reason why for putting me through this frustration for over an hour... But I save $50 by buying a code from Costco which you apparently can't use in the online version. Sigh. Thank you for your response, even if the problem seemed to be something cached or otherwise needing the program to be restarted.
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