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January 28, 2025
Question

where do 1099-K sales entered, I wish to offset these gains with am existing capital loss carry forward?

  • January 28, 2025
  • 1 reply
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may I report 1099-K sales with other sales of investments?

    1 reply

    January 28, 2025

    The reporting of personal item sales reports the sales on Schedule D where a capital loss carryforward may be reported.

     

    In TurboTax Online, to report Personal item sales, 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, you are told that further information will need to be entered.  Learn More provides detailed information for the next steps.  Click Continue.
    • At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
    • At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click the down arrow.
    • To the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), select Start/Revisit.
    • At this screen, you will be asked to Review the Personal item sales (1099-K).  Click Review.
    • At the screen Now, enter one sale…., answer questions about the personal item sale.  Click Continue.
    • At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.

    The entry will be reported:

     

    • on Schedule D of the Federal 1040 tax return, and 
    • on line 7 of the Federal 1040 tax return.

    Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

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