Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible.

If you had a reportable gain, you would enter the information under Wages and Income, in the Investments section.

[Edited 03/05/23| 9:13am PST]

@h-msquared

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h-msquaredAuthor

Maybe I am using the wrong language when I say "loss". I want to recover the 1099-K amount reported and the site https://www.irs.gov/newsroom/form-1099-k-freque[product key removed]ions-general

tells me how to do that via a Schedule 1 submission. Otherwise I would be paying tax on the same money twice. But I cannot find a way to include Schedule 1 in TurboTax.

Cynthiad66

Your question should possibly how to enter schedule 1099-K. Not all information on form 1099-K is reportable as income or loss. Here is how to enter a form 1099-K.

Form 1099-K is sent to anyone who has more than 200 transactions and more than $20,000 in payments processed for goods and services from all payment card transactions and third-party payment services (like eBay, Etsy, and PayPal).

You need to report all earned income to the IRS. If you are not a business owner or a hobbyist, follow these steps to enter your 1099-K:

Sign in to TurboTax and open your return
Select Search and enter 1099-k
Select Jump to 1099-k
Select Yes on the Did you get a 1099-K? screen
Select Hobby, Personal item sales, Personal Property Rental, or Other, and then select Continue
Enter your 1099-K information

If you are using TurboTax Online, check the box under 1a and enter the amount not subject to tax (personal items you sold at a loss, gifts, and reimbursements).

If you are using TurboTax Desktop:

If you selected Hobby income or Personal Property Rental, you are done
If you selected Personal item sales, you will need to choose if everything was sold at a loss or if some items were sold at a loss (you will then need to enter the gain)
If you selected Other, you will see a summary screen.

Please let me know if this helps. You should be able to adjust the 1099-K amounts that are personal.

Click HERE for additional information about Form 1099-K

@h-msquared

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