I have a 1099-K form from personal items sold on ebay. Schedule 1 form 1040 lets you deduct items sold at a personal loss. Where is this in tubo tax prep online?
I have a 1099-K form from personal items sold on ebay. Schedule 1 form 1040 lets you deduct items sold at a personal loss. Where is this in tubo tax prep online?
Personal items sold at a loss are not deductible. The line on Schedule 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 informational only.
Here is how you should report personal items sold at a loss in TurboTax Online:
Within your tax return go to the magnifying glass icon on the top right, type 1099-K and select the Jump to 1099-K link in the search results
Choose Add a 1099-K
The next screen will ask "Which type of income your 1099-K is for?" choose Personal item sales, then Continue
Enter the information from your 1099-K
After you choose continue, the next screen will show "Personal Item Sales". Here is where you choose "All items were sold at a loss or had no gain"