Hi-jumping in as I’ve been searching for this type of info all week and you might be the genius to help me! 🙂
We sold 6 football game tickets this year for a total of $2,790 (after TicketMaster took their % cut.)
We will get a 1099 form from TicketMaster acknowledging our "gain" of $2,790.
My question is this: We didn't actually MAKE $2790. The tickets are $160 a piece, which we paid as season ticket holders. So $960 of that is not a gain. Our GAIN is $1830.
So how does that work? Will we be taxed on the $1830 or the $2790? Do we have to produce proof we purchased the tickets first? Or are we just screwed because there's no way to show that on our taxes?
We use TurboTax because our taxes are super easy and don't have a tax person - otherwise I'd just ask them.
Thanks for any insight you have!
