This is my first year receiving a 1099 K from Ticketmaster for selling my NBA season tickets and I realized that Ticketmaster is reporting in it a much higher amount than the actual amount transferred to me.
After checking via google, I found out that many people are facing the same problem. It seems that Ticketmaster reports the full amount that they charge to the buyer of the tickets including Ticketmaster's services fees charged to both seller and buyer, order processing fee and taxes and NOT THE ACTUAL AMOUNT TRANSFERRED TO THE SELLER recipient of their 1099-K.
Although it is impossible to find out how they calculate their fees and taxes, the difference stands at around 40%. So the amount Ticketmaster reports in the 1099-K is overstated, wrong and affects our 1040 declaration. I would appreciate any suggestion and recommendation on how to appropriately deal with this situation and how to report the actual income in our 1040.
