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Level 1

Question

How to report 1099-K Issued by Stubhub AND PayPal for same transaction?

Forum|Forum|4 years ago
May 18, 2022
1 reply
7 views

I sold some tickets on Stubhub (totaling more than $600) and the payment was processed through PayPal. I understood that I would be getting a 1099-K from Stubhub. However, PayPal just notified me that because the payment was processed by them, that I would also receive a 1099-K for the same sale. Any advice on how to report this in Turbotax to avoid paying taxes twice on the same sale?

Should I report the sales price and the cost as the same for the PayPal 1099-K so there is no gain or loss, since I already paid taxes on the proceeds on the Stubhub 1099-K?

1099

Level 15

The easiest thing to do (to avoid IRS letters) will be to report all the income from all sources if they both send you a form even if it is for the same transaction and then make an expense entry on the Sch C for the duplicate payment effectively voiding out the duplicate payment.

Level 5

If I sell tickets on Stub hub and Ticketmaster, do I do just one Schedule C or one for each?

Level 15

You may run the Stubhub and Ticketmaster proceeds through one Schedule C since both apps contribute to the same self-employment activity.

I would enter two lines of income, one for Stubhub and one for Ticketmaster just to make the income that you are reporting very clear.

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