Complete SeatGeek 1099-K Confusion

[machine74]

The desktop app says I have one error we can't clear or get around with factual information and it's holding up our filing..

I loaded all of the information from my 1099-K, and if I choose "I sold some items at a loss", I'm greeted with an itemized sheet with no context. 

In my case, I received $1527.99 in ticket sales from five events. 

I sold one for a loss, and received $180. I lost $128. 

The other four I received a whipping total of $411 in profit. 

Yet, the Turbo Tax checker says I need to somehow consolidate $1347.99, which is the Boxa number minus the proceeds I received at a loss. How the hell do I do this?!
I'm greeted by the Capital Assets Sales Worksheet, which asks for short/long term proceeds, and a Brokerage Statement Study Table....do I have to enter the raw amount I received for the four transactions I profited from, and then how much that represented in profit for each one?

I'm not an accountant, and I have purchased TurboTax every year for 15 years to avoid this kind of thing.

[JamesG1 · Accepted solution]

In TurboTax Desktop Deluxe, I was able to report the $1,528 in ticket sales by: 

• reporting a gain on sale of $411 in Schedule D, and
• reporting $180 as an amount reported to you in error in Part I of Schedule 1 Additional Income and Adjustments to Income.

You would want to remove the IRS form 1099-K entry in your software and start over again.

In TurboTax Desktop Deluxe, I entered an IRS form 1099-K as a Personal item sale. 

I reported the Box 1a amount as $1,528 and selected This amount in box 1a is too high.  I entered $180 as the Enter the amount that shouldn't be included.

Enter Continue and Continue.  Then Done.

Cursor down to Investment Income and Stocks, Cryptocurrency, Mutual Funds and select Start/Update to the right.

Review the Personal item sales entry that has been created by the IRS form 1099-K entry.

Enter the sales information.  For Proceeds, I entered $1,348 ($1528 less $180).  For Total amount paid, I entered $937.  Enter Continue.

At the screen Let us know if any, select None of these apply.  Enter Continue.

Run Smart Check.

If you see a screen Check This Entry, select No under Is a Digital Asset.

Run Smart Check.

[machine74]

Thank you very much for this clear explanbation. I wish this was more straight forward!

Two things:

--The Smart Check failed because it didn't haver the dates for the transaction, but I'm going to put in the approximate date I paid for the tickets and the final sales date since I sold a bunch of them. 

--I just realized I was inputting tickets I had sold at the end of the 2025 regggular season in 2026, and not including the one I sold in January for a loss. I'll remove the former and add the latter, and see if I can get these numbers to add up.

Thank you very much for the quick response and I'll post when I get TT to accept it.

[JamesG1]

The dates will be important because the sale is reported as a sale of an investment.  Date of purchase and date of sale determine whether there is a long-term or short-term sale or gain.  I assume that these are short-term gains and losses.

[machine74]

So basically I am:
Reporting the amount in Box 1a of the SeatGeek 1099-K.
Subtracting the amount I received at a loss, leaving a total I received for things I received a profit on..
Removing how much I paid for them, and that's the amount I should be taxed on.

Do I have that right? That makes sense.

We were able to file, following the step by step directions. There is a gotcha step where even if you fill out the 1099-K/1099-B in this manner, it presents you with a question of if some or all of that section was reported as a loss or no gain. Your instructions say to just hit Continue, which ultimately works, but if you put anything in the loss section, it counts it twice and the numbers don't add up. It's very misleading by the program and I suspect many won't just hit Continue. 
I'll save all these directions for next year. Thank you again!