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bvitenas
February 2, 2025
Solved

1099-K ticket sales. One at a loss. TT entered Income on Schedule1 line 8z. How do I get offset expense to be on Schedule1 line 24z?

  • February 2, 2025
  • 2 replies
  • 0 views
7 of 8 tickets sold for a gain and are being reported on Schedule D and form 8949. I identified the one loss transaction during the TT Q&A and it reported the income on Schedule1 line 8z. I understand the offsetting expense should show on Schedule1 line 24z. How do I get TT to display it?
    Best answer by JamesG1

    Are you reporting the IRS form 1099-K income as personal item sales?

     

    If so, capital loss for a personal item sale reports $0 capital gain on the tax return.

     

    The amount included in error or for personal items sold at a loss is reported at the top of Schedule 1 form 1040.  

     

    The expenses of the sale or the cost basis of the sale are not reported on the 2024 tax return.

     

     

     

     

    2 replies

    J
    JamesG1Answer
    February 2, 2025

    Are you reporting the IRS form 1099-K income as personal item sales?

     

    If so, capital loss for a personal item sale reports $0 capital gain on the tax return.

     

    The amount included in error or for personal items sold at a loss is reported at the top of Schedule 1 form 1040.  

     

    The expenses of the sale or the cost basis of the sale are not reported on the 2024 tax return.

     

     

     

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    B
    bvitenasAuthor
    February 5, 2025

    Thanks. I was so focused on Schedule1 lines 8 and 24 that I missed the top line of the schedule for my exact situation.

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