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bj111
New Member

cost basis for selling tickets/1099-k

I have season tickets for a couple of sports.  I sell at least half of the tickets to make a few bucks.  I received an expected 1099-K.  My question; Do I have a cost basis of the original cost (that I paid) for the gain/profit on the sales?  For example, my cost for a ticket is $100 and then I sell the ticket for $200.  My gain/profit I end up reporting would be $100?

 

thanks

 

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4 Replies
JulieS
Employee Tax Expert

cost basis for selling tickets/1099-k

Yes, your cost basis would be what you paid for the tickets. In this scenario that would be $100. 

 

If you had to pay any fees to buy or sell the tickets, that would be added to your basis as well. 

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Goalie79
Returning Member

cost basis for selling tickets/1099-k

Where do you enter the cost basis for the season tickets?  The 1099K needs to be offset by the costs correct?  I am not a ticket broker, just sold the seats occasionally.

cost basis for selling tickets/1099-k

I understand that you are not a ticket broker, but to enter the cost of the tickets, you will have to enter the 1099-K under Self-employed Income. Under the Expense category, select "Inventory." Here you will enter the price of the tickets. That will offset the 1099-K.

 

 

 

@Goalie79

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Goalie79
Returning Member

cost basis for selling tickets/1099-k

Thank you...that works and makes sense.

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