Hi,
I bought some Taylor Swift tickets and resold them on eBay. I made around $4,000 but Ebay only paid out around $3,000 to me because they deducted fees and stuff.
Also, I paid $1,200 originally for the tickets. So I really only profited about $1,800 total ($3,000 - $1,200).
What amount do I report as income? Is it the whole $4,000 before deducting any expenses because it was a 1 time sale and considered a hobby and not a business? Or do I report the $3,000 because that's all I received from eBay? Or do I report the $1,800 as income because that was the actual profit after deducting the cost of the tickets and eBay fees?
Thanks.
