topic Re: 1099k in Get your taxes done using TurboTax

1099k

Kenfos — Tue, 24 Feb 2026 03:39:39 GMT

I must be missing something or there is a flaw in the software. I got a 1099K for concert ticket resales. The entry screen does not provide anywhere to enter the cost basis. Then when I run the error check, it tells me the 1099k amount doesn't match what I input the amount as (the only thing I see is it appears to round up to the nearest thousand). When I look at the income summary, there is no income listed for the 1099K even though the line is there and I can click on it to see the imput. I can't resolve that. Then when I go onto schedule D to try and input the cost basis, it gives me another error message that I can't input it because the box that this information was reported to the IRS is checked and I can't uncheck it.

Re: 1099k

MonikaK1 — Mon, 06 Mar 2023 16:47:07 GMT

You can delete the Form 1099-K and start again. Consider which choice applies as to the type of income the 1099-K represents. Concert tickets are considered personal-use items unless you are in the business of selling tickets for profit.

Losses from the sale of personal–use property, such as your home or car, or concert tickets, are not deductible.

From IRS Publication 544, Sales and Other Dispositions of Assets:

Personal-use property.

Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible.

Please see this thread for a discussion of a way to adjust the amount of a 1099-K to back out the amount of the income representing the basis from the sale of a personal item.

Re: 1099k

Kenfos — Mon, 06 Mar 2023 17:50:51 GMT

I'll try it, it was sold at a gain, but obviously I don't want to be paying taxes on the gross amount of the sale. This was a one time thing.