- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
Hi!
Since you are profiting on the re-sale of the tickets, you should report the income as a Sole Proprietor.
Sole proprietors include their business income on a Schedule C on their personal tax return, then yes, you can write off the price you paid for the tickets and the deduct the fees and other necessary expenses. Please see the links below for additional information.
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
https://www.irs.gov/pub/irs-pdf/p334.pdf
Regarding the percentage you will be taxed on the net profit; you will pay 15.3% for self-employment tax on the net profit in addition to the regular income tax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎August 31, 2022
2:13 PM