I made a $585 profit on reselling concert tickets Do I pay income taxes on this and which tax year? I received the money in 01/19 but the sale occurred 12/18.

[ziginnj]

I sold two tickets for a concert I could not attend last minute.  My profit was about $585 total.  I am being told mixed messages if I pay  taxes.  I also dont know which year it would apply for as they sold in December but I received the money in January.  

[SharonC1 · Accepted solution]

You do have to pay income taxes on this.  

You would put it on your 2019 tax return, not 2018.  

Click here for a list of items the IRS considers income.

[ziginnj]

Thank you!

[SharonC1]

You are more than welcome.  

[Hollyhummingbird]

I have a question. I also made $500 profit on some concert tickets. However I was contacted by live Nation saying that they were going to send me a 1099 for the total cost of the tickets also including fees. I had already spent my pre TAXED money to purchase the tickets originally before I resold them for  $800. But they are going to RETAX me AGAIN on my 1099?????. For this, I don't understand how I am supposed to present this to the IRS as I will not be paying taxes on the entire 1099 amount. That would be "double dipping" for the IRS and not fair. Any thoughts on this?

[Mike9241]

report on schedule 1 other income  - sale of concert tickets $xxxxx less purchase cost of $yyyy