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Get your taxes done using TurboTax
It WILL increase your chances for an audit over NOT including it on your return. All you've got to do is report the sales price and then your cost as the same so there is no gain or loss. These tickets are capital assets and you have either capital gain or loss OR you sold at the same price you paid for them. If your 1099K shows you received $500 then report your cost as $500......you have no gain or loss BUT you'll have reported the total you got from the sale on your return so the IRS can't bust you for not reporting.
‎December 28, 2021
11:46 AM