1099k cost basis balancing issue
TurboTax, I've been on with 9 different experts - and have spent over 10 hours trying to get this issue resolved. Your program has a clear gap. I sold sporting tickets (just like the entry for concert tix on personal item sales) for a small profit. The 1099k reported the total which included the vendor (Live Nation's) fees, as well as my own ticket costs. In trying to account for the cost basis, I am stuck in an infinite loop.
Box 1 of the 1099k reports what the vendor stated to the IRS
Below that I enter the amount that should not have been included (my cost basis - what I paid for the tix and fees)
the next tab is not applicable - as it gives two radio buttons for loss scenarios.
when I close it out - it gives me an error when I go to submit my taxes, showing the net profit that I made, where the form still expects the gross amount provided by the vendor.
if I replace it to that cost, it does not account for my cost basis and raises my taxes.
Please simplify your program!
