I received a 1099-K for some tickets I sold last year. I am not a business. I am struggling a bit to where to add the money I made from selling the tickets and where to add the cost of those tickets. If I add the StubHub 1099-K under "Other Income" I can not find a place to add the cost of the tickets. I thought maybe hobby income but Turbo Tax says not if you received a 1099-K.
I did find this on the web:
In column (d), you’ll enter the sale price of your ticket, and in column (e), you’ll enter the amount you paid for it initially. The difference between the two goes in column (h): That’s your gain.
You’ll also report that gain on Schedule D (Capital Gains and Losses) using one of three lines: (1b), (2), or (3). The line you pick depends on whether you checked box A, B, or C on Form 8949. You’ll check A if the IRS is already aware of how much you paid for your ticket (unless you bought and sold on the same platform, it likely isn’t), check B if the IRS isn’t aware how much you paid for your ticket, and check C if you didn’t receive a 1099 form for the income at all.
The way I accomplished the was to add this as "Investment Income - Other". It shows up on Schedule D and Form 8949 but not sure this is correct.
Seems like this has to be a common issue this year. Thanks!
