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Level 2
posted Jan 24, 2024 1:49:49 PM

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? 

0 1 754
1 Replies
Level 15
Jan 24, 2024 1:56:03 PM

Both questions have the same answer ... only the net profit gets counted.  Although you must enter the sales price reported to the IRS  then deduct the expense of the cost of the tickets.