I have read various other posts on this subject but still not sure how to handle this. Received a 1099-K form from Ticket Master showing, in box 1a, a $1,900 Gross Payment to me for ticket sales. My cost for the tickets was $1,600 so my net profit for the sales was only $300. This is not a business and not a hobby. I just bought too many tickets so I had to sell a few.
Right now, I'm being taxed on the full $1,900.
Where do I make the adjustments to show my cost was $1,600 resulting in a net profit of only $300.
(I do not itemize deductions.)
Thanks
