I am having a problem with my seatgeek 1099-K entry process on turbotax. I get to the point where I enter the information from the 1099-K, but not sure how to proceed with subtracting revenue from tranactions with losses and on the profitable transactions, subtracting my costs associated with the tickets from the revenue.
My understanding of the rule is I only have to report ticket revenue where I sold at profit, the tickets I sell at a loss do not matter as they do not offset any profit.
My total revenue in box 1a is about $2669.00, this is already net of the Seat geek fee. In my case, About 1/6 of the revenue ($428.40) in 1099-K is revenue from sales at a loss. That leads $2240.60 of revenue from profitable sales. The cost of the tickets for these transactions are 1050.00, leaving a profit of 1190.60.
Fairly straight forward calculation, but the issue is how do I enter this?
The process for entering the 1099-K information only have a box that asks me for the sales that were at a loss. On a different thread regarding this subject, it mentioned using a 1099-B form to handle this. How do I do that? The system is not prompting me to enter it during the 1099-k process?
Thanks,
Greg
