Get your taxes done using TurboTax

You may want to try these steps to report the ticket costs.

1. Report the StubHub IRS form 1099-K box 1a amount in the box Gross amount of payment card as you described above.
2. Do not put an entry in This amount in box 1a is too high or includes some personal transactions.
3. Click Continue.
4. At the screen Personal Item Sales, you are told that further information will need to be entered.  Learn More provides detailed information for the next steps.  Click Continue.
5. At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
6.  
7. At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click the down arrow.
8. To the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), select Start/Revisit.
9. At this screen, you will be asked to Review the Personal item sales (1099-K).  Click Review.
10. At the screen Now, enter one sale…., answer questions about the personal item sale.  
11. The amount in box 1a would be reported under Proceeds.
12. The ticket cost would be reported under Total amount paid.
13. Click Continue.
14. At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

@ChicagoBulls