I sold two concert tickets and made $1,259.83. I did not received a 1099-K. Do I need to report this sale on my taxes? If so, how do I do that on Turbo Tax?

[KrisD15]

If you are in the business of resale, you would be self-employed and file schedule C.

If this was a one-time thing, you purchased the tickets to use, then changed your mind and sold them, enter as a capital gain.

Income

Investment Income

Stocks, Cryptocurrency, Mutual Funds, Bonds, Other   START or UPDATE

The screens differ in Desktop and Online, but you will choose

"Other" (like Land, Second Home, Personal Items) 

You should select "No" to having a 1099-B

name it "Tickets"

Select "Personal Item" from the drop-down for "What type of investment did you sell?"

Continue to enter the information

Proceeds is what someone paid you for the tickets

Cost or other basis would be what you paid for the tickets including and fees you had to pay

Depending on how long you held on to the tickets, the gain will be short-term (if you had them 1 year or less) or long-term (if you had them more than one year. 

Capital gains are reported on Schedule D and flow to Line 7 on your 1040. 

• For TurboTax Desktop, switch to Forms (top right) 
   
• To View using TurboTax Online:
  Select Tax Tools on the left side-bar
  Select Tools from that drop-down
  Select “View Tax Summary” on the TOOLS CENTER screen
  Select “Preview my 1040” which now appears on the left side-bar
   

[kaddybrown-gmail]

I was a one time sell as my group could no longer go to the concernt. I found a way to enter the gain as Miscellaneous Income, 1099-A, 1099-C. Is that ok? or does it need to be under Gapital Gain 1099(b)?

[DMarkM1]

The correct place to enter the gain on the sale of personal items is in the investments topic as outlined by @KrisD15.  This will ensure the proper taxation is applied to the income. This is especially true if you had the tickets a year or longer.    

Be sure to add any costs associated with your original purchase of the tickets to the cost basis and also any sales expenses you incurred when selling the tickets in the sales expense box to lower your taxable gain.