It depends. It sounds like you are in the business of buying and selling concert tickets and should be entered as business income and expense. To report this income, Turbo Tax will require you to upgrade to Turbo Tax online if you wish to claim to claim the expense you incurred for the cost of the tickets..
- Go to Federal > Income & Expenses
- Scroll down to See all income. In the Self-employment section, click Start next to Income & Expenses
- Answer Yes to Did you have any self-employment income or expenses?
- Continue through the interview to enter your business information.
- When it mentions what type of income you received for this work, you will enter this as 1099K income
- After you enter the income, you will begin entering expenses.
- in Turbo Tax online, you will initially report this as a less common expense.
- After you select this, there will be three pages of less common expenses.
- Click on the third page and select miscellaneous expense. The next page will show a selection that says Other miscellaneous expenses>start
- Now in the description Box, type in Wholesale Concert Tickets and the amount you paid for the tickets..
If you entered this income in any other manner, delete all the previous entries you made then follow the prompts I have listed above.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
