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@Just-Lisa-Now- wrote:
Im running sales of personal property through Sch D, code L if its a loss.
I know the IRS website says to make the adjustment on Line 24 of Sch 1 (https://www.irs.gov/newsroom/form-1099-k-frequently-asked-questions-general),
but Line 24 didnt work last I checked!
More of the IRS schizophrenia that Bob mentioned. The most recent update to the 1040 instructions now say to report it on Sch D/8949 (but you're right, when the 1040 instructions first came out they said to put it on 8z/24z):
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
Page 86 column 3 "Tip" (2022):
"If you received a Form 1099-K
for a personal item that you
sold at a gain, don’t report this
amount on line 8z, instead report it as
you would report any other capital gain
on Form 8949 and Schedule D."
The IRS has revised these instructions at least twice since they went "final".
Rick