I am still struggling with this. I received an ebay 1099-K for selling 250 items. Each item has a different purchase date and sale date. Are your saying I should just pick a date as the purchase date and pick a random date as the sale date and enter into my total cost of the loss items and total proceeds on the loss items and then do this a second time for the gain items in aggregate? That does not seem like the right thing to do but the turbo tax user interface and instructions are horrible on how to handle this situation.
Now, enter one sale for eBay Commerce Inc.
If you received a 1099 form for this other investment sale, you should enter that information here. If you did not receive a 1099 form, enter the info as required.
— Select —Employee stock purchase plan (ESPP)Nonqualified stock options (NQSO)Incentive stock options (ISO)Restricted stock units (RSU)Restricted stock awards (RS)Stock (non-employee)CryptocurrencyMutual fund, index fund, or ETFBondOptionsSecond homeLand (personal use)Land (other investment purpose)CollectiblePersonal itemsOther
— Select —I purchased itI inherited itI received it in a divorce settlementI received it as a giftSomething else
Example: 20 shares of XYZ company
When did you receive this investment?
Perhaps this will be helpful.
You are reporting IRS form 1099-K and reporting personal sales.
Box 1a is $10,000. Box 1a is broken down as $1,000 for 30 items sold at a profit and as $9,000 for 220 items sold at a loss.
You may enter the 30 items individually and the total of the Proceeds entered would equal $1,000. Or you may enter one entry using short-term basis and a second entry using long-term basis. The total of the Proceeds entered would equal $1,000. In either case, the detail of the 30 items sold should be retained on a spreadsheet should a tax authority have a question about the transactions at a later time.
In TurboTax Premium Online, report Personal item sales by following these steps.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Scroll down to Other Common Income click on the dropdown menu.
- Click to the right of Form 1099-K.
- At the screen Did you get a 1099-K?, select Yes.
- At the screen How would you like to upload your 1099-K? click Type it in myself.
- At the screen Which type of income is your 1099-K for, select the button for Personal item sales. Click Continue.
- At the screen Let's get the info from your 1099-K, enter the information.
- In Box 1a enter $10,000.
- Click Continue.
- At the screen Personal Item Sales, you are told that further information will need to be entered.
- Because $9,000 of the selling price will not be reported, enter $9,000 under I sold some items at a loss or had no gain.
- Click Continue.
- At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’. Click Done.
- At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….). Click Add / Edit to the right.
- At this screen, you will be asked to Review the Personal item sales (1099-K). Select Review.
- At the screen Now, enter one sale…., answer questions about the personal item sale.
- Enter Personal items.
- Enter I purchased it.
- Enter Description of the first of the 30 items.
- Enter the dates of purchase and sale.
- Enter Proceeds. If you enter each of the 30 items, the total of the 30 items will be $1,000
- Enter Total amount paid, enter your cost basis.
- Click Continue.
- At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.
- Click Continue.
- Click Add another sale to add additional sales entries.
The entry will be reported:
- on Schedule D of the Federal 1040 tax return, and
- on line 7 of the Federal 1040 tax return.
The amount reported to you on Form 1099-K that was included in error or for personal items sold at a loss is reported at the top of Schedule 1 Additional Income and Adjustments to Income.
