StubHub 1099-K

[kofther]

I received a 1099-K for some tickets I sold last year.  I am not a business.  I am struggling a bit to where to add the money I made from selling the tickets and where to add the cost of those tickets.  If I add the StubHub 1099-K under "Other Income" I can not find a place to add the cost of the tickets.  I thought maybe hobby income but Turbo Tax says not if you received a 1099-K.

I did find this on the web:

In column (d), you’ll enter the sale price of your ticket, and in column (e), you’ll enter the amount you paid for it initially. The difference between the two goes in column (h): That’s your gain.

You’ll also report that gain on Schedule D (Capital Gains and Losses) using one of three lines: (1b), (2), or (3). The line you pick depends on whether you checked box A, B, or C on Form 8949. You’ll check A if the IRS is already aware of how much you paid for your ticket (unless you bought and sold on the same platform, it likely isn’t), check B if the IRS isn’t aware how much you paid for your ticket, and check C if you didn’t receive a 1099 form for the income at all.

The way I accomplished the was to add this as "Investment Income - Other".  It shows up on Schedule D and Form 8949 but not sure this is correct.

Seems like this has to be a common issue this year. Thanks!

[IsabellaG]

Yes, you are correct that your StubHub sales would wind up being reported as Other Investment Income on Schedule D and Form 8949.

 You would initially enter your sales as Personal Item sales in the 1099-K section, then edit your sales to report the cost of the tickets and the dates. 

[kofther]

Oh my gosh. I just clicked on hobby so never saw the note when you click "Personal Items".

One other question. When adding the 1099-K I selected "I sold some items at a loss". Do I enter the total cost of my tickets here as well or just the tickets that undersold?

Thanks so much.

[KrisD15 · Accepted solution]

Just the tickets that undersold (or sold at cost)

the amount left is what you need to address. 

So if the 1099-K reports 2,000 and you enter 1500 as undersold, you would need to list 500 proceeds in the "Investment Income" section.