How to report 1099-K (ebay) when everything was sold at a loss

samuelwlui
samuelwlui Member Posts: 1 Newcomer
in Income

I can't quite got to Schedule 1. The prompts kept taking me to schedule c or to the page where I have to pick an income; and I am back in the 1099K page. Any step-by-step guidance on how I should file my 1099-K from ebay.

Answers

  • DaveT
    DaveT Member Posts: 50 Level 5
    https://community.freetaxusa.com/discussion/2179/how-to-report-1099-k-ebay-when-everything-was-sold-at-a-loss

    Don't use the Business Income path. Instead, navigate through Income → Common Income → Investments and Savings → Personal Items (1099-K). Click on the question mark and it will ask you if you sold personal items at a loss. This should correctly flow to Schedule 1.

  • kiarab
    kiarab FreeTaxUSA Agent Posts: 117

    Hello,

     

    The most direct way if you had personal items sold as a loss, would be to go to Income -> Business Income -> 1099-K Income. 

    Next choose who gave you the form and click on No to the question “did you receive a 1099-K that’s incorrect?”

    The next page should ask you if your 1099-K was from personal transactions. Say Yes and go to the next page. There, you should see a question asking if any of your 1099-K personal transactions were the sale of a personal item sold for a loss. If you say Yes, you should see a space for you to enter the amount that you need to exclude from your income.

    It should now appear on the top of your Schedule 1.

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