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February 3, 2025
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Form 1099K for Sales of Personal Items

  • February 3, 2025
  • 1 reply
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Form 1099-K - the selling platform provided a Form 1099-K.  The gross sales amount is reported on the form. Where do I enter the cost basis for each transaction, to establish that the actual income should be $0 because all items were sold at a loss? Where does Turbotax online prompt you to enter these transactions?

Best answer by JamesG1

It sounds like you are reporting Personal item sales.  In TurboTax Online, to report Personal item sales of $0, follow these directions.  

 

  • Down the left side of the screen, click on Tax Home.
  • Click on the down arrow to the right of Review.
  • Click on the blue band labeled Review.
  • 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 Start/Revisit 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.     
  • Click Continue.
  • At the screen Personal Item Sales, select All items were sold at a loss or had no gain.  Click Continue.

The entire amount of the IRS form 1099-K will be reported on Schedule 1 Form 1040 as included in error or for personal items sold at a loss.

 

 

 

1 reply

JamesG1Answer
February 3, 2025

It sounds like you are reporting Personal item sales.  In TurboTax Online, to report Personal item sales of $0, follow these directions.  

 

  • Down the left side of the screen, click on Tax Home.
  • Click on the down arrow to the right of Review.
  • Click on the blue band labeled Review.
  • 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 Start/Revisit 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.     
  • Click Continue.
  • At the screen Personal Item Sales, select All items were sold at a loss or had no gain.  Click Continue.

The entire amount of the IRS form 1099-K will be reported on Schedule 1 Form 1040 as included in error or for personal items sold at a loss.

 

 

 

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February 3, 2025

  Which TurboTax product do we use to accomplish this to be listed on the schedule 1 1040? Deluxe or Premiere?

February 4, 2025

The directions for Personal item sales outlined above can be reported in both TurboTax Online Deluxe and TurboTax Online Premier.

 

@1Cts1 

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