I had baseball season tickets. We used SeatGeek to sell them and got a 1099-K. We sold some of them at a gain and others at a loss. We also had some that we listed that failed to sell altogether.
When I compute the basis for all the sales, can I include the total cost of all the tickets that we listed on SeatGeek? In other words, can I add in the basis the cost of the tickets that went unsold?
Or do I only get to count the basis for the tickets that actually sold?
Or worse still, do I only count the basis for the tickets that sold above face value and need to record the basis for the ones that sold below face as the amount that I received for those tickets? Thanks!
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I assume that you are selecting the personal item sale option of recording the IRS form 1099-K income.
If that is the case, personal items sold for less than their basis (most likely, the original purchase price) report $0 capital gain on line 7 of the Federal 1040 tax return. Since recording losses will not be allowed, it would make no difference whether the cost of the unsold tickets is reported or not. Reporting the additional loss of the unsold tickets will not be allowed.
Personal items sold for more than their basis report the gain on line 7 of the Federal 1040 tax return. See this example.
Selling Cost
Price Basis
Couch $500 $2,000 Capital loss on personal item = $0 loss
Jewelry $400 $300 Capital gain on personal item = $100 gain
Chair $100 $100 No capital gain or loss
$1,000 $2,400
Schedule D will report a $100 long term capital gain.
Federal 1040 tax return line 7 reports $100 long term capital gain.
To report Personal item sales in TurboTax Online, follow these directions.
The entry will be reported:
Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.
Make sure that you retain any information about the items sold should you be required to demonstrate to the IRS that this is not taxable income.
I assume that you are selecting the personal item sale option of recording the IRS form 1099-K income.
If that is the case, personal items sold for less than their basis (most likely, the original purchase price) report $0 capital gain on line 7 of the Federal 1040 tax return. Since recording losses will not be allowed, it would make no difference whether the cost of the unsold tickets is reported or not. Reporting the additional loss of the unsold tickets will not be allowed.
Personal items sold for more than their basis report the gain on line 7 of the Federal 1040 tax return. See this example.
Selling Cost
Price Basis
Couch $500 $2,000 Capital loss on personal item = $0 loss
Jewelry $400 $300 Capital gain on personal item = $100 gain
Chair $100 $100 No capital gain or loss
$1,000 $2,400
Schedule D will report a $100 long term capital gain.
Federal 1040 tax return line 7 reports $100 long term capital gain.
To report Personal item sales in TurboTax Online, follow these directions.
The entry will be reported:
Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.
Make sure that you retain any information about the items sold should you be required to demonstrate to the IRS that this is not taxable income.
I assume that you are selecting the personal item sale option of recording the IRS form 1099-K income.
If that is the case, personal items sold for less than their basis (most likely, the original purchase price) report $0 capital gain on line 7 of the Federal 1040 tax return. Since recording losses will not be allowed, it would make no difference whether the cost of the unsold tickets is reported or not. Reporting the additional loss of the unsold tickets will not be allowed.
Personal items sold for more than their basis report the gain on line 7 of the Federal 1040 tax return. See this example.
Selling Cost
Price Basis
Couch $500 $2,000 Capital loss on personal item = $0 loss
Jewelry $400 $300 Capital gain on personal item = $100 gain
Chair $100 $100 No capital gain or loss
$1,000 $2,400
Schedule D will report a $100 long term capital gain.
Federal 1040 tax return line 7 reports $100 long term capital gain.
To report Personal item sales in TurboTax Online, follow these directions.
The entry will be reported:
Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.
Make sure that you retain any information about the items sold should you be required to demonstrate to the IRS that this is not taxable income.
I assume that you are selecting the personal item sale option of recording the IRS form 1099-K income.
If that is the case, personal items sold for less than their basis (most likely, the original purchase price) report $0 capital gain on line 7 of the Federal 1040 tax return. Since recording losses will not be allowed, it would make no difference whether the cost of the unsold tickets is reported or not. Reporting the additional loss of the unsold tickets will not be allowed.
Personal items sold for more than their basis report the gain on line 7 of the Federal 1040 tax return. See this example.
Selling Cost
Price Basis
Couch $500 $2,000 Capital loss on personal item = $0 loss
Jewelry $400 $300 Capital gain on personal item = $100 gain
Chair $100 $100 No capital gain or loss
$1,000 $2,400
Schedule D will report a $100 long term capital gain.
Federal 1040 tax return line 7 reports $100 long term capital gain.
To report Personal item sales in TurboTax Online, follow these directions.
The entry will be reported:
Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.
Make sure that you retain any information about the items sold should you be required to demonstrate to the IRS that this is not taxable income.
I assume that you are selecting the personal item sale option of recording the IRS form 1099-K income.
If that is the case, personal items sold for less than their basis (most likely, the original purchase price) report $0 capital gain on line 7 of the Federal 1040 tax return. Since recording losses will not be allowed, it would make no difference whether the cost of the unsold tickets is reported or not. Reporting the additional loss of the unsold tickets will not be allowed.
Personal items sold for more than their basis report the gain on line 7 of the Federal 1040 tax return. See this example.
Selling Cost
Price Basis
Couch $500 $2,000 Capital loss on personal item = $0 loss
Jewelry $400 $300 Capital gain on personal item = $100 gain
Chair $100 $100 No capital gain or loss
$1,000 $2,400
Schedule D will report a $100 long term capital gain.
Federal 1040 tax return line 7 reports $100 long term capital gain.
To report Personal item sales in TurboTax Online, follow these directions.
The entry will be reported:
Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.
Make sure that you retain any information about the items sold should you be required to demonstrate to the IRS that this is not taxable income.
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