New Schedule 1 section used for personal sales 1099-K

[taxuser348484]

I received a 1099-K from PayPal for selling some personal goods in 2024. The last time this happened, several years ago, I entered the 1099-K in TurboTax and used Schedule 1, lines 8z and 24z, to offset the amount since the items were sold at a loss.

This year, after entering the 1099-K and again indicating that the goods were personal items sold at a loss, I noticed a new section at the top of Schedule 1, before line 1:

"For 2024, enter the amount reported to you on Form(s) 1099-K that was included in error or for personal items sold at a loss."

Is this now the official and simplified way to handle PayPal 1099-K forms, instead of using 8z and 24z ?

—

[JamesG1]

Yes, it is.

IRS Publication 17 Your Federal Income Tax page 2 states:

Changes to reporting amounts from Form 1099-K

Beginning in 2024, if you received a Form(s) 1099-K that shows payments that were included in error or for personal items sold at a loss, you will now enter these amounts in the entry space at the top of Schedule 1 (Form 1040).