How to report concert ticket sales in turbo tax?

[scuba32steve]

Hello. I had >$50k in concert ticket sales. I am trying to figure out how to report in self employment section. Where do I record the ticket cost expense? There are also Stubhub sales fees -- is this reported in other expenses?

[Critter-3]

All income from all sources are reported as income on the Sch C ... then the expenses are deducted. 

There are 17 unique categories for entering business expenses in the TurboTax Home and Business program for a Schedule C.  If you have a particular expense that does not fit in the other 16 categories listed use Other Miscellaneous Expenses at the bottom of the list.

• Click on Business
• Click on Business Income and Expenses
• Click on I'll choose what I work on
• On Profit or Loss from Business, click on the start or update button

On the next screen, click on Edit for your business listed.

On the next screen scroll down to Business Expenses

On Other Common Business Expenses, click on the start or update button

[scuba32steve]

I see the 17 categories. It doesn't seem like ticket sales fall into any of the 16. Wouldn't it look strange to IRS if all of my expenses are in the other category?

[RobertG]

Good answer by Critter-3.

I recommend that you report the ticket cost and sales fees as cost of goods sold.

To report your Cost of Goods Sold in TurboTax:

1. After you set up your Self-Employed business in TurboTax select Inventory, as one of your business expenses.
2. When you start to enter your inventory expenses you will be asked; Do you have inventory to report.  Say Yes.
3. You will be asked: Did you use the cost method to value inventory? Say Yes. 
4. Next, enter the value of your beginning, (if any) and ending (if any) inventory.
5. You then enter the cost of your purchases,  (ticket cost and sales fees), during the year.

[scuba32steve]

Thank you! I will go ahead and try that