I SOLD TICKETS ON TICKETMASTER. THE PROFIT FROM PURCHASING THE TICKETS TO SELLING THE TICKETS FOR A HIGHER AMOUNT

[tdmhr94]

SINCE I NEVER RECEIVED A 1099K FOR TICKETS I PURCHASED AND THEN SOLD ON TICKETMASTER, AM I RESPOSIBLE FOR REPORTING WHAT I PROFITED FROM THE SALE? I KNOW THE THRESHOLD FOR TICKETMASTER TO REPORT ON A 1099K IS $5,000.00, SHOULD I TAKE THE COST OF THE SALE MINUS THE ORIGINAL PURCHASE PRICE ON THE TICKETS TO SUBMIT THE PROFIT ON THE 1099K O TURBOTAX ?

[Vanessa A]

Yes.  Even if you do not receive a 1099-K, you still must report your income from the sale.  You will enter this as a sale of investments.

You would enter the sale of the tickets  by clicking the following:

• 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 received it
• You will need to enter the selling price, dates and the cost basis which is the price you paid for the tickets.