If your Live Nation/Ticketmaster 1099-K Box 1a showed an amount greater than the proceeds you actually received (the buyers fee plus your seller's fee being the difference, likely), then do you enter -zero- or do you enter the amount of the difference?
As an example, the IRS form 1099-K box 1a reports $120. You paid $50 for the ticket and sold the ticket for $100. TM collected a fee of $20.
In the entry for the IRS form 1099-K, enter $150 in box 1a. The $50 cost basis for the ticket sold would be reported on the IRS form 1099-B screens under Investments and Savings.
The $20 TM fee would be reported at the screen Let us know if any of these situations apply to this sale by selecting I paid sales expense that aren't included in the sale proceeds. Or you may report the cost basis of the ticket sold as $70 reported on the IRS form 1099-B screens under Investments and Savings.
In the second example, the IRS form 1099-K box 1a reports $60. You paid $50 for the ticket and sold the ticket for $40. TM collected a fee of $20.
In the entry for the IRS form 1099-K, enter $60 in box 1a. At the screen Personal Item Sales, select All items were sold at a loss or had no gain. No IRS form 1099-B entries are necessary.
@wildcat7477
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