Hello! I planned and was in charge of my high school reunion a couple months ago. We collected $ via ticket sales on EventBrite to prepay the food vendor. We generated over $600, so sounds like I will get a 1099-K from EventBrite. Every penny was paid from my account directly to the food vendor. How do I go about ensuring that I’m not taxed since it really wasn’t income?
Hi Smith 1121,
The 1099-K will show the amount that was reported as income. Since it is considered Self-employed income, you would complete IRS form Schedule C to show the income listed on the 1099-K . Next, simply add all of the expenses that you incurred when this income was earned and place it in the expense section of the Schedule C and there should be no additional taxes for you to pay. The Tax Experts in the online platform will happily assist you if you should need any additional help.
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