If this is not a business and you just sold the tickets as a one time thing, then you would enter the 1099-NEC and take the following steps to enter the form and your cost basis.
To enter the 1099 NEC as non-self-employment income take the following steps:
- Income
- 1099-Nec under Other Common Income
- Enter the information from the 1099-NEC
- Continue through to Does one of these uncommon situations apply? Select "this is not money earned as an employee or self-employed individual, it is from a sporadic activity or hobby (this is not common)
Next, to back out your cost basis, you will select
Then you will take the following steps to remove the income:
- Income
- Less Common Income
- Miscellaneous Income
- Other Reportable Income
- Answer Yes to Any Other Taxable Income
- Enter the description such as 1099-NEC received for sale of tickets
- Enter the amount on the amount you paid for the tickets as a negative number.
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