Question

I have my gains and losses document from PayPal but it’s not clear how much I made gained against the date of purchase. Can anyone help with this?

Forum|Forum|3 years ago
February 14, 2023
1 reply
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I have the document that breaks down the sales but it’s not clear as to what I pad at purchase and what I made or lost. I also did not register gains and losses last year. Can I still claim losses for 2022?

TurboTax Live Premier Online

D

DanaB27

If this is from personal items sales then you cannot claim losses. But if it is a business you would report your income and expenses on Schedule C and could claim a loss.

If this is a Form 1099-K for the sale of personal items:

Click "Wages & Income" (under Federal) on the left
Scroll down to "Other Common Income" and click "Show more"
Click "Start" next to "Form 1099-K"
On the "Choose which type of income your 1099-K is for" screen select "Personal Item"
On the "Your 1099-K Summary" screen, select Done.
On the "Wages & Income" screen
Scroll down to "Investments and Savings" and click "Show more"
Click "Start or Revisit" for "Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)".
Click "Review" on "Personal item sales (1099-K)"
Enter the information on the "Now, enter one sale…" screen

If it is business then follow these steps to enter income and expenses:

Login to your TurboTax Account
Click on "Search" on the top right and type “self-employed”
Click on “Jump to self-employed”

Please see What is the self-employment tax? and What self-employed expenses can I deduct? for additional information.

If you need more detailed help please see What is TurboTax Live?

Please see How do I import my cryptocurrency transactions into TurboTax? and Cryptocurrency Info Center for additional information.

[Edited 2/15/2023 | 5:00 am PST]

@butt720803

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B

butt720803Author

It’s crypto

JosephS1

If you cannot import your crypto transactions the following may assist you in entering the transactions all together:

If you were able to import some of your crypto transactions but not all or any, one solution would be to request if you do not already have one, Form 8949 from the issuing agency. Delete all imported transactions, if any, and enter the totals as a single transaction as shown on the 8949. The 8949 will normally be broken down into both short-term and long-term items, respectively.

You may want to attach a pdf copy of the 8949 to your return for verification purposes.

The IRS is concerned that you are properly reporting your total capital transactions with their associated cost basis and while individual transactions are important, the totals are the most important.

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