Selling a Collection of Fossils and 1099 K

[Slot Car Bobby]

I followed the instructions given by Turbo Tax for selling a Sports Card Collection and receiving a 1099 K.

I was able to get as far as to enter the description 1099 K  Personal Property Sales and to enter the full amount of the 1099 K.  But that's it.

The instructions then continue with: Next, enter an adjustment to reflect the cost of these items as an offsetting, negative amount up to the amount of the income.

For the cost description include Form 1099 K  and Cost of Personal Property 

I am unable to enter an adjustment for the cost of personal property. 

[JamesG1]

I do not think you are entering the IRS form 1099-B information where the cost basis is reported.

In TurboTax Online, to report Personal item sales, follow these steps.

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Wages & Income.
3. Scroll down to Other Common Income click on the dropdown menu.
4. Click to the right of Form 1099-K.
5. At the screen Did you get a 1099-K?, select Yes.
6. At the screen How would you like to upload your 1099-K? click Type it in myself. 
7. At the screen Which type of income is your 1099-K for, select the button for Personal item sales.  Click Continue.
8. At the screen Let's get the info from your 1099-K, enter the information.     
9. Click Continue.
10. 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.
11. At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
12. At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click the down arrow.
13. To the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), select Start/Revisit.
14. At this screen, you will be asked to Review the Personal item sales (1099-K).  Click Review.
15. At the screen Now, enter one sale…., answer questions about the personal item sale.  Click Continue.
16. At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.

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.