I sold some season basketball tickets to a local corporation last year for $16,800.00 and they sent me a 1099-NEC for that amount. I paid 12,080.00 for the tickets. This leaves me a profit of $4720.00. My questions are these:
Do I answer question about self employment income as YES, and if so, what do I enter as the TYPE of employment?
I did this already and when I got to COSTS or EXPENSES, should I list the ticket costs as INVENTORY, or something else.
I tried inventory already and it ask me questions about "method to value my inventory" Please clarify as to where I should list my cost of tickets and how to describe?
