Hi. I sold tickets thru ticketmaster this year. I received a 1099K and do not know how to proceed. Here is my situation. Numbers are not actual but are representative.
1099K has $15,000 in Box 1A and shows 41 transactions in box 3. Note this $15,000 seems to have no relevance to my actual sales or even posting amounts. My guess is that this is what TM received including fees and markups from buyers. Does this number go anywhere and is it known that this number does not relate to my actual sales or will I have to explain it?
I actually had 40 transactions and it was confirmed by Madison Square Garden. I called TM and they said the 41st was for tickets issued for a playoff game that never got played and thus the transaction shows as cancelled.
I actually paid $8,000 for the tickets in the 40 transactions and sold them for $12,000. (includes all 40 transactions whether sold for profit or loss)
3 of those 40 transactions resulted in losses. For those 3 loss transactions, I paid $400 for the tickets and received $300 back.
I do not know how to enter this into turbo tax. What do I do on 1099K section? Where do I put individual transactions? Please be as detailed as possible as this is all very confusing.
