Get your taxes done using TurboTax
You are reporting IRS form 1099-K and reporting personal sales.
Instead of box 1a being $1,000, presume that box 1a is $1,200 with $1,000 being the sales price and $200 being the sales fees charged by Ticketmaster.
If box 1a is $1,200 and I sold some items at a loss or had no gain was $600, $600 will be reported as Proceeds on IRS form 1099-B.
$200 is reported as I paid sales expenses....
The $600 is reported at the top of Schedule 1 Additional Income and Adjustments to Income.
Here are examples.
Selling Cost
Price Basis
T1 $500 $1,000 Capital loss on personal item = $0 gain/loss
T2 $400 $300 LT Capital gain on personal item = $100 gain
T3 $0 $0 ST Capital gain on personal item = $100 gain
T4 $100 $100 No capital gain or loss = $0 gain/loss
$1,000 $1,400
Fees $200
Total $1,200
