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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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.
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.
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.
Thank you...that works and makes sense.
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