How do I report money made from selling tickets on StubHub?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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How do I report money made from selling tickets on StubHub?Do i need to pay state/local taxes on this income? What form do i use to report this income?

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PeterM

Level 7

According to the IRS, the income is taxable. StubHub is required to send a 1099-K to you BUT ONLY if you have $20,000 or more in transactions...from your information, it doesn't sound like this is the case. So...

If you have made selling tickets into a business enterprise, then you would enter the income from selling the tickets, and also the expenses, on form 1040 Schedule C. I have included a screenshot below of where to begin this process in Turbo Tax.
Alternatively, you can use Schedule D (form 1040) to report the income. I have included a screenshot of the Turbo Tax screen that will start this process. You would use Schedule D if you are not "in the business" of selling tickets.

For more information see:

IRS Taxable and Non-Taxable Income (click here)

IRS Publication 525 (click here)

Robert-M

Level 2

I'm a little confused after reading this post and the one here: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899537">https://ttlc.intuit.com/questions/1899537</a>. Seems if I received a 1099-K, which I have, then the income goes on Schedule C? But I am not in the business of selling tickets. The reporting threshold in my state for TPSOs has recently been changed to $600. If I do need to enter this as business income, what are the proper screen selections in Turbo Tax after the one noted above for my particular situation?