Can I include ticket insurance in the cost basis of the tickets I sold? The two tickets were originally bought with my money. One for myself and one for another person. We sold the tickets and there was a gain from the sale. However, the sale money was deposited into their account and then they transferred it to me. They facilitated the sale but we agreed I would get the money. Ultimately who is responsible for reporting the gain on their tax return?
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Yes, you can include the cost of the insurance when determining the cost basis of the tickets. You are responsible for reporting the gain as the tickets were owned by you and you received the proceeds from the sale. If you had paid your friends a commission because they helped you facilitate the sale, then you can deduct the amount of that commission from the sale proceeds when determining your gain.
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