I am a season ticket holder for the local NFL football team. I go to a few games, and sell the rest of the tickets. This year I have been told by the reselling sites that they will send me a 1099 for all the tickets I resell during the year.
If the money on this 1099 is treated like income - will I get to subtract the cost I originally paid for the tickets that I am reselling?
For example, the tickets are 65 dollars each. If I resell it for 75 dollars, shouldn't I really only be taxed on 10 dollars and not 75? That's the "profit" I'm making.
Thank you for your help!
I found this answered in another thread! but I still had a related question -
If I am to consider it a business re: reselling the tickets, and thus want to deduct the amount I paid for the tickets originally as an expense - how would I do that on my taxes? (If I use TurboTax will it use the guided questions to give me an opportunity to enter the amount paid for the tickets?)