NFL Ticket sale no 1099-K

[RDes]

I sold some NFL tickets on NFL Ticket Exchange.  Some for a loss and some for gain.  The total amount was less than the threshold for a 1099-K; I do not have a 1099-K.  I know I need to report the income; even without a 1099-K.  I do not see a thread explaining ticket sale income without a 1099-K and none of my searches for reporting NFL ticket sales without a 1099-K have been successful; maybe I missed something.   I would appreciate any help with completing my 2024 taxes using Turbo Tax Premier.

[JamesG1]

Sale of personal items may be reported on Schedule D IRS form 1040 and Schedule 8949.

Personal items sold for less than their cost basis report $0 capital gain on line 7 of the Federal 1040 tax return.

Personal items sold for more than their cost basis report the gain on line 7 of the Federal 1040 tax return.  See this example.

                                              Selling                   Cost

                                              Price                      Basis

Item 1                                   $500                       $2,000                 Capital loss on personal item = $0 loss

Item 2                                   $400                       $300                    Capital gain on personal item = $100 gain

Item 3                                   $100                       $100                    No capital gain or loss

                                              $1,000                   $2,400

In TurboTax Online, to report such a sale of personal items, follow these directions.

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click to the right of Investments and Savings.
• Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Let's import your tax info, select enter a different way.
• At the screen OK, let's start with one investment type, select Other, Land, Second homes, Personal items.
• Select Add another sale to report additional transactions.

See also this TurboTax Help.

[RDes]

Thanks it seemed to work. 

The issues I had to work through had to do with "Proceeds".  According to the 8949 instructions it should be the Net amount I received; sold price minus ticketmaster fee.  However, using TurboTax I felt I was supposed to enter the sold price and later fill in the ticketmaster fee.  I ended up doing it both ways and ultimately ended with basically the same result.  

On the 8949 instructions, it mentions using parentheses on column g for losses but TurboTax uses the minus sign, is this a known issue and does it matter?

[DawnC]

Yes, it is a known issue and no, it does not matter.   You can enter it either way, and as you noticed, it works out the same - the fees can be subtracted from the proceeds or entered as a selling expense.