Since you made a profit of $300, this needs to be reported on Schedule D.
Here's how to report this in TurboTax Online:
- Within your tax return go to the magnifying glass icon on the top right, type 1099-K and select the Jump to 1099-K link in the search results
- Choose Add a 1099-K
- The next screen will ask "Which type of income your 1099-K is for?" choose Personal item sales, then Continue
- Enter the information from your 1099-K
- After you choose continue, the next screen will show "Personal Item Sales". Choose "Some items were sold at a loss or had no gain", and enter $0.
Now, TurboTax will automatically create a placeholder in investment income.
- After completing the 1099-K entry, next navigate to Federal > Wages & Income > Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) > Add/Edit
- Select the ticket sales broker that automatically populated
- Under proceeds, you will enter the proceeds from the 1099-K ($8,000)
- You will enter the total amount paid, which is your cost of the tickets ($7,700)
- Continue on and you will be asked if you paid "sales expenses that aren't included in the sale proceeds reported on the form", here you can deduct any related fees.
