turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Professional Basketball Ticket Resell under cost

If my cost is $200 a ticket and I sell a game under this, it's counting to the $600, but I'm actually taking a loss. 

 

What happens in this situation?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
GabriellaEA
Employee Tax Expert

Professional Basketball Ticket Resell under cost

If you're in the business of reselling tickets, first you'll want to report all the income you receive for selling the tickets in the self-employed section of TurboTax, regardless of whether it's reported to you on a 1099-K. Then, in the Inventory section for "Cost of Goods Sold" make sure you report the cost you paid to acquire the tickets. If your total "Cost of Goods Sold" is more than your income, you'll be taking a loss on the business. The rules are different if this is a hobby. The IRS has a helpful page to help you determine whether this is a hobby or a business, and you can check that out here.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies