How do I report income from reselling concert tickets and determine if this is a business? It is something that I'm doing for extra income and not my main source.

[bmgrdnr]

How do I know if this is a business that goes on Schedule C or gains that are reported on Schedule D?  The total gain is $12k for the year.

[ChrisVonHoep · Accepted solution]

Determining whether the activity is classified as a business depends on your primary purpose for engaging in the activity, and how often or regularly you engage in the activity.

Per IRS: "...a sporadic activity or a hobby does not qualify as a business."

If you determine that it is classified as a business, you would report the activity on Schedule C, otherwise, you would report it as Other Income on line 21 of Form 1040.

The following FAQ describes which versions of TurboTax are required to file Schedule C:

https://ttlc.intuit.com/replies/4243087

[taxnikolic]

Hello, If I bough tickets for $500 and sold them for $900, what should be my other income?

$900 minus $500 expense or the difference between $900 and $500 ($400)?

Thanks

[ColeenD3]

It is the same thing. You bought it for $500 and sold it for $900. You had a profit of $400. Enter your income as $900 and your expense as $500.