I sold 4 games from our personal nfl season ticket package in 2024. All were sold at a gain and bought and sold in 2024 (short term). I have received a 1099K from Live Nation/Ticketmaster. I've seen other similar questions here about how to navigate TurboTax to report this income via download so that it appears correctly on a1040. I always enter the information in TurboTax myself, however - not via download. Our return is very straightforward otherwise. I am confused about where to begin and then how to navigate to enter the details of each transaction? I guess a Form 8949 is eventually generated by TurboTax?
I have the information on the individual games sales proceeds paid to me from TicketMaster - but no detailed information on fees other than by just subtracting what I received from the gross proceeds. Not sure why the Gross Proceeds are even relevant for income tax purposes? As others have reported, the 1099K total is about 25-30% higher than the funds I actually received for all 4 games in box 1a. TicketMaster added a footnote to the detailed transaction information that the reportable gain is the difference between what I actually received from the sales and what I paid for each game. As I would expect. And since the tickets were bought and sold in less than 12 months, I would expect the gains to all be short term and reported as taxable income for 2024, and then taxed at the applicable tax rate for our taxable income bracket for the year. Not taxed at the Capital Gains rate.
It seems to me that either the IRS or TurboTax, or both, are taking something that should be very simple and straightforward and making it extraordinarily difficult! It should be no different than reporting individual sales of stock or other investments on Schedule D, imo.
Sensing my frustration yet?
Where do I start to enter the transaction information myself to report the gains from these sales?? So that the income to be taxed is just the difference between what I actually received and what I was actually paid, as Ticketmaster correctly stated? Not the difference between the gross amounts and the tickets costs. And so the correct forms and information is generated by my TurboTax package?
Any help would be greatly appreciated! Thank you.
