I have seen some posts on this but would like to know the steps to enter a 1099 K for personal items sold on Ebay during 2022. I received a 1099 K from Ebay Commerce for $3800 for a total of 6 transactions. All of these items were used cell phones that I owned and sold after using for two years (at a loss from cost on all). I am a casual seller and not a hobby or business. We I looked up the IRS guidance on this it says:
"If you receive a Form 1099-K for a personal item sold at a loss, report the information on Form 1040, Schedule 1, Additional Income and Adjustments to Income with offsetting transactions. For example, if you receive a Form 1099-K for selling your couch online for $700 you will report:
The net effect of these two adjustments on adjusted gross income would be $0."
No matter how I have entered this into turbotax Deluxe it does not appear this way on my Schedule 1.
Any help / thoughts on how to enter this would be greatly appreciated.
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To report the personal item sales correctly into TurboTax Online you can follow these steps:
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