1099K

Are you reporting an IRS form 1099-K and personal item sales?  Or something else?

The posting of IRS form 1099-K for personal item sales is a two-step process.  

• First, you post the IRS form 1099-K amount of box 1a.  
• Second, you post the IRS form 1099-B Proceeds From Broker and Barter Exchange Transactions to report the sales proceeds and the cost of sales.

Make sure that the amount reported on the IRS form 1099-K box 1a equals the Proceeds reported for the multiple entries of IRS form 1099-B.

If you report I sold some items at a loss or no gain at the screen Personal Item Sales, then the computation becomes:

The amount reported on the IRS form 1099-K box 1a less the amount you reported at I sold some items at a loss or no gain at the screen Personal Item Sales equals the Proceeds reported for the multiple entries of IRS form 1099-B.

If you are reporting dollars and cents, round all the entries to whole dollars and make sure that the entries balance before you begin entering transactions into the software.