I have my software for turbo tax bought and received my 1099K from Live Nation Worldwide, inc. i have season tickets for NCAA event and during the CWS multiple day events sold some tickets, used some tickets, ate some tickets. My issue is the amount shown on the 1099K is significantly larger than my gross sales. I have very good records and kept all the emails showing gross sale, commission tickmaster charges and reduces and the net amount. there were 20 separate transactions shown and this was correct to my records also.
how do i handle the fact they show $5471.89 for gross transactions when my gross amount received from them was $4044.60? i also have the cost of the tickets sold as $2462 to take away from the gross. How and where in turbo do i put in all the inputs so in the end it will only show the true profit i received for the transaction as a group? I assume income area for the 1099K amount but where for the overstate and cost of the tickets? thanks for any help.
