Thank you James. I just want to be sure I understand this, I think I need to back-up a step on this.
Under 1099-MISC and Other Common Income, I entered the 1099-K information for SeatGeek, I selected Personal Item Sales, entered the amount in Box 1a, this is the total amount the tickets sold for, $100.00 (payment I received plus their fee). Next to Box 1a in TT, it says "Gross amount of payment card/third party network transaction. You can adjust the amount according to your records for this line of work or income." Under that, there is a box that you can check if the amount in box 1a is too high or includes some personal transactions.
Was I correct to enter the $100.00 (box 1a) or should I have entered the income received $90.00 1099-K Box 1b?
Do I need to check that box - "this amount in Box 1a us too high..."?
Is the fee they took considered a personal transaction?
The amount on the 1099-K box 1a does not match my proceeds since box 1a includes their fee $100.00. On the 1099-K form, box 1b is the payment I received/proceeds $90.00.
Under Interest and Dividends, I entered the details of the transaction. Under Proceeds I entered the payment I received, $90.00.
On the next screen, it says Let us know if any of these situations apply to this sale: "I paid sales expenses that aren't included in the sale proceeds reported on the form. Sales expenses not reported $ " or "None of these apply".
Under the learn more for "I paid sales expenses..." it says: Sales expenses are for any sales expenses you paid that were not already subtracted from the gross sale proceeds to get the amount of sale proceeds. Box 1a is the total gross on the 1099-K form. Would I list the $10.00 under "I paid sales expenses..." or just select "None of these apply"?
thank you for your help and guidance with this.
