How to enter adjustment on Schedule 1 line 24z for the adjustment for 1099-k amounts received for sale of personal property at a loss

Forum|Forum|2 years ago
February 19, 2024
2 replies
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How do you enter the amount on Schedule 1 line 24z for the amount received on form 1099-k for sale of personal property at a loss? If I enter an amount on that line, it is identified as an override. The field that identifies the reason for the adjustment does not open and I cannot find any other field that cross references with this line to enter any amount or description.

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taxiowa

Level 8

You can not do it manually without overrides. Personally I like overrides to do it correct. Proseries requires you to enter on 1099-K worksheet and in reconciliation portion there is box to check which will subtract off the gross received amount to $0. Reporting $0 from sale of personal loss items is what you want.

This puts sale price and sales cost on same line 8z of Schedule 1. I think the IRS is seeking the cost of item on line 24z, which is same result except sale amount shows in full as income on line 8z. Override and put on 24z so you may avoid an IRS letter concerning non reporting.