How to report 1099-K Issued by Stubhub AND PayPal for same transaction?

[mrbrightside]

I sold some tickets on Stubhub (totaling more than $600) and the payment was processed through PayPal. I understood that I would be getting a 1099-K from Stubhub. However, PayPal just notified me that because the payment was processed by them, that I would also receive a 1099-K for the same sale.  Any advice on how to report this in Turbotax to avoid paying taxes twice on the same sale? 

Should I report the sales price and the cost as the same for the PayPal 1099-K so there is no gain or loss, since I already paid taxes on the proceeds on the Stubhub 1099-K? 

[Critter-3]

The easiest thing to do (to avoid IRS letters) will be to report all the income from all sources if they both send you a form even if it is for the same transaction and then make an expense entry on the Sch C for the duplicate payment effectively voiding out the duplicate payment. 

[Caseyblue]

If I sell tickets on Stub hub and Ticketmaster, do I do just one Schedule C or one for each?

[JamesG1]

You may run the Stubhub and Ticketmaster proceeds through one Schedule C since both apps contribute to the same self-employment activity.

I would enter two lines of income, one for Stubhub and one for Ticketmaster just to make the income that you are reporting very clear.

@Caseyblue 

[Caseyblue]

Not sure how I would distinguish/report both since sched C has only one line to report income

on Part 1 Line 1

[AliciaP1]

You do not need to distinguish the sources of your business income on your Schedule C.  If you receive 2 separate 1099-Ks you can enter each individually, but if not you just need to report your full income, or the income that was not reported on a form, as Other Self-Employed Income.

To do this in TurboTax Online you can follow these steps:

1. Open or continue your return in TurboTax
2. Search for self employed income (use this exact phrase, don't add a hyphen) and select the Jump to link at the top of the search results
3. Answer Yes on the Did you have any self-employment income or expenses? screen
   • If you land on the Your 2022 self-employed work summary page, select Review next to the work you're adding income for
4. Answer the questions on the following screens until you arrive at Let's enter the income for your work
5. Scroll down to the Income section and click Add income for this work
6. Choose Other self-employed income and Continue

@Caseyblue 

[Caseyblue]

Not sure I understand. how best to report receipt of 6 separate 1099k"s.

3 from StubHub, 2 from LiveNation,  and 1 from eBay

[AliciaP1]

If they all apply to your business income follow the steps I posted and simply add the amounts together and report one total as your business income.  You are not required to report each 1099-K individually on your tax return - the information does not get transferred to the IRS.

@Caseyblue 

[Caseyblue]

Not sure I consider this a business more like other income. Please advise

[Vanessa A]

If this is not a business and you are just selling your personal items, then you would enter the 1099-K and take the following steps to enter the form and your cost basis.

• Federal 
• Income
• Show More next to Other Common Income
• Start next to Income from Form 1099-K
• Enter your 1099-K

Next you will select

• Federal
• Income
• Show More next to Investment Income
• Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) 
• Select Other
• Continue through and select Other again for the type of investment
• Answer how you obtained the items you sold
• You will need to enter the selling price, dates and the cost basis of the items

You will need to repeat these steps for each 1099K.  Since this would be considered investment income, you may need to upgrade to TurboTax Premier to do these entries. 

[Caseyblue]

Sold 26 items on Ebay totaling $1180. Approx half were sold at a loss.

also, sold tickets and received multiple 1099K's from Stubhub & live nation. It is not a business but more of a hobby for me.

Please advise as to how best to handle.