I have 1009k from online sales. All sales were for loss.

Forum|Forum|11 months ago
April 5, 2025
1 reply
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I have a 1099k from an online sale platform. All my sales were for loss. I click the box stating all sales for loss. I keep getting a review needed error. What am i doing wrong?

TurboTax Self Employed Online

DianeW777

It depends. If you have personal use items that were sold at a loss then you can use the instructions below to enter the income and cost (do not enter more in cost than sales because a loss is not allowed to be used against other income.

You may want to delete the 1099-K first.

If you're using TurboTax Online software and need to delete a form, click here.
If you're using TurboTax Desktop software and need to delete a form, click here.

Enter an Investment sale for the personal use items using the instructions below.

To enter your sale in TurboTax, follow these steps.

Open or continue your return.
Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
  - Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (select this box)
Answer Yes to the question Did you sell any of these investments in 2024?
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
- Click this link for more information. Where do I enter Investment Sales?
- Select Type as Personal Items
- If you aren't sure of the date of purchase you can can select 'Something other than a date' to select Various
- Be sure you know your holding period (long term is over one year, everything else is short term)

If you did sell in different lots and times any sale that resulted in a gain is taxable and cannot be lumped with other losses.

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bostondogAuthor

I sold personal items, quite a few guitars on reverb.com. The sales were all separate and all were for loss. It gives me the box to check that says all sales were for loss. Am still confused.

DianeW777

I'm not sure where the confusion is. If you select all was a loss, then make sure the loss is not used against other income. TurboTax should limit it to the income. You can prereview Form 1040, Schedule 1,2,3 before you finish and file. Follow the instructions below. You can also decide to print your return before you file. Instructions for both are shown below.

Print Before Filing:

You have access to all forms when you choose to print your return in TurboTax Online/Mobile. However you are required to pay before printing, but do not have to file until you are ready.