Get your taxes done using TurboTax

It depends. The information here will simplify your answer. 

1. If you are considering this a business then expenses can be used against the income. 
2. If this is a hobby then no expenses are allowed to be used against the income.
3. If this is a sale of personal items (tickets) you bought and were unable to use this them, the sale of personal items and a cost cannot exceed the selling price. The reason is simple, if you are using the tickets for personal purposes and sell at a loss it cannot offset other taxable income.

You can decide if it is hobby or business income.  This IRS link will help you: Business or Hobby?

Key elements:

1. A hobby requires you to report the income you received and under the current tax law, Tax Cuts and Jobs Act (TCJA), no expenses are allowed to be used to reduce the money collected even if you itemize deductions.
2. A business allows you to deduct the costs necessary to obtain the income.  The law explains that 'you must be engaged in the activity to produce a profit'.  The test under IRS tax law is that you must show a profit three out of every five consecutive years to be considered a business.

Once you decide what type of income this is you can use the links below to see how to report.

Business: 

Where do I enter Schedule C?

Personal use sales:

Do I have to report the sale of personal items?

Hobby:

Other Miscellaneous Income:

1. Go to the Wages and Income  section of TurboTax
2. Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C
3. Select Hobby Income and Expense > Enter the income

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