How do I report money made from selling tickets on StubHub?

[raid_25]

How do I report money made from selling tickets on StubHub?Do i need to pay state/local taxes on this income? What form do  i use to report this income?

[PeterM]

According to the IRS, the income is taxable. StubHub is required to send a 1099-K to you BUT ONLY if you have $20,000 or more in transactions...from your information, it doesn't sound like this is the case. So...

1. If you have made selling tickets into a business enterprise, then you would enter the income from selling the tickets, and also the expenses, on form 1040 Schedule C. I have included a screenshot below of where to begin this process in Turbo Tax.
   
2. Alternatively, you can use Schedule D (form 1040) to report the income. I have included a screenshot of the Turbo Tax screen that will start this process. You would use Schedule D if you are not "in the business" of selling tickets.
   

For more information see:

IRS Taxable and Non-Taxable Income (click here)

IRS Publication 525 (click here)

[Robert-M]

I'm a little confused after reading this post and the one here: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899537">https://ttlc.intuit.com/questions/1899537</a>. Seems if I received a 1099-K, which I have, then the income goes on Schedule C? But I am not in the business of selling tickets.  The reporting threshold in my state for TPSOs has recently been changed to $600. If I do need to enter this as business income, what are the proper screen selections in Turbo Tax after the one noted above for my particular situation?

[somuchjackson]

I am in the same boat as you. Yes, I received proceeds from reselling tickets, but I am not "in the business of selling tickets".

[chasepeeler]

@TurboTaxPeterM  - I have some additional questions. My situation is that I bought season tickets, sold the vast majority of them, and overall made a profit. I'm not in the business of selling tickets, so I enter it under the stocks, bonds, etc area.

1.) What do I pick for the investment type? Personal Items?
2.) There isn't a single sell date, as I sold them at various dates throughout the year. What should I put for the sale date? All but 2 or 3 games were less than a year after I purchased the tickets, so I'm OK with them all being taxed as short term gains (I did the math and I'd save like $2 by claiming those few games as LTG)
3.) Is there any reason I shouldn't create an LLC for selling tickets and do all of my sales through that in the future? The rate on my STG wouldn't be that different, but that would allow me to deduct a loss, correct?

[phenolholic]

bumped. appreciate the info, and alternatives (pro's and con's)