How about losses. Using the tickets again, if the cost is $200 per ticket and I sell these for $100 each through a ticket exchange to get rid of the inventory, it's still going to report the $100 sale to my 1099K. What do I need to do to ensure I'm not getting taxed on this?
Earlier there was a comment about paperwork or not if I sell for profit. What's a best practice for my wife and myself if we are selling things like clothing, tickets, collectibles on the side for a profit. At least have an business DBA even if we don't need to register? (ie. Josh's Collectibles"
