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?
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.
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
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?
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: