1099 K offsetting

[tcampbe962]

Using 2024 Premier. I got a late 1099 K after I filed my taxes. The 1099 K was for $8000 that I received for a seat license fee (football tickets). But I paid $7700...so only $300 is taxable. The problem is I can't figure where to offset it. I listed it as Personal property. It either vooms my tax up to the full $8000 or I get errors on the error check saying numbers do not match. What exact entries and how do I get it to take the offset of what I paid for the license? Thank you!

[MindyB · Accepted solution]

Since you made a profit of $300, this needs to be reported on Schedule D.

Here's how to report this in TurboTax Online:

• Within your tax return go to the magnifying glass icon on the top right, type 1099-K and select the Jump to 1099-K link in the search results
• Choose Add a 1099-K
• The next screen will ask "Which type of income your 1099-K is for?" choose Personal item sales, then Continue
• Enter the information from your 1099-K
• After you choose continue, the next screen will show "Personal Item Sales". Choose "Some items were sold at a loss or had no gain", and enter $0.

Now, TurboTax will automatically create a placeholder in investment income.

• After completing the 1099-K entry, next navigate to Federal > Wages & Income > Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) > Add/Edit
• Select the ticket sales broker that automatically populated
• Under proceeds, you will enter the proceeds from the 1099-K ($8,000)
• You will enter the total amount paid, which is your cost of the tickets ($7,700)
•  Continue on and you will be asked if you paid "sales expenses that aren't included in the sale proceeds reported on the form", here you can deduct any related fees.

[tcampbe962]

Thank you so much!!! Worked like a champ!