incorrect amounts reported to me on 1099K from Ticketmaster activity

[CMeier55]

I have my software for turbo tax bought and received my 1099K from Live Nation Worldwide, inc.  i have season tickets for NCAA event and during the CWS multiple day events sold some tickets, used some tickets, ate some tickets. My issue is the amount shown on the 1099K is significantly larger than my gross sales. I have very good records and kept all the emails showing gross sale, commission tickmaster charges and reduces and the net amount. there were 20 separate transactions shown and this was correct to my records also.

how do i handle the fact they show $5471.89 for gross transactions when my gross amount received from them was $4044.60?  i also have the cost of the tickets sold as $2462 to take away from the gross. How and where in turbo do i put in all the inputs so in the end it will only show the true profit i received for the transaction as a group?  I assume income area for the 1099K amount but where for the overstate and cost of the tickets?  thanks for any help.

[DianeW777]

The sale of the tickets would be a sale of personal items and you can report the income using investment sales. Be sure to enter the correct sales price for the tickets that were sold and the cost of those same tickets. You have already stated you have the records so be sure to keep them with your tax documents. should you need them later. 

To enter your sale in TurboTax, follow these steps. 

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales after selecting the FAQ 'Where do I enter a capital gain or loss?'
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (select Other as they type of sale)
3. Answer Yes to the question Did you sell any of these investments in 2024? 
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
   • Click this link for more information. Where do I enter Investment Sales?

Any loss on the sale of personal items is not allowed to reduce other income.