Question
1099 NEC and social security
I sold some season sporting events tickets to a local branch of a large corporation for $18,000. They sent me a 1099-NEC for the full amount of $18,000. My cost of the tickets was approximately $11,000.00
Question 1. Is my tax liability the full $18,000 or the difference of sell vs. cost of $7000.00?
Question2. I'm 64 and have not started social security. I plan to start early this year. I will hopefully sell these same tickets again this year. With the social security income limit around $22,000.00 for this year,
If I receive the same 1099-NEC this year while taking social security, Does the full amount of the 1099-NEC
of $18,000.00 count as income or the profit only amount of $7000.00 which is total sale of $18,000 - $11,000
cost?
