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How should I file 1099-K from PayPal?

hrlsteve
Level 1

I'm not filing under business, but rather capital gains from collectibles sold.  I was told to use Schedule D and form 4989, and this is where my question is.  Is there a more efficient way to handle the Form 4989 then to list all 288 transactions one-by-one?  The form says it was reported to the IRS, so I'm hoping maybe I don't have to do that?

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3 Comments 3
qbteachmt
Level 15

You posted in a Tax Talk section of the Professional Tax Preparers' forum for those using ProConnect, ProSeries, and Lacerte programs. It's impossible to tell you where to do it, when you didn't post in the section for which of the three programs you are using.

"I was told to use Schedule D and form 4989"

Okay, then.

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hrlsteve
Level 1

Sorry, I'm brand new to this site.  I don't even know which one I'm using other than Intuit TurboTax, I guess I need to do more searching.

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qbteachmt
Level 15

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Thanks.

 

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Don't yell at us; we're volunteers