StubHub 1099-K Sold Concert Tickets

[ChicagoBulls]

I received a 1099-K from StubHub.  I see in TurboTax where I can enter the 1099-k and I select sale of personal items. 

I am then able to enter the amount from box 1a.

My issue is that I sold these tickets for a small profit. I don’t see any place to enter the purchase price of the tickets.

Do I just subtract this from my box 1a amount and enter that value? I am struggling to find where I can enter the cost of the tickets so I am only taxed in the investment gain and not the full amount from the 1099-k.

thanks

[DianeW777]

It depends. This would be considered an investment sale.  When you entered the 1099-K you had the opportunity to enter the cost. You just need to edit the 1099-K and enter your cost right below the 'Proceeds'. See the image below.

1. Open your TurboTax Online/Mobile or TurboTax Desktop return.
2. Search > 1099k > Click the Jump to... link > edit beside your 1099-K for StubHub

                         

[ChicagoBulls]

My form doesn't look like this. The only option I have where I *think* I can even adjust the amount is an option for "This amount in box 1a is too high or includes some personal transactions". Why does my form look different?

Here are the options I have when entering the 1099-k. Here I choose Personal Items

Then this, which doesn't look anything like your form. Am I doing something wrong? Thank you in advance!!

[PatriciaV]

Yes, you are entering this in the correct place. Even if you made a small profit on the sale, entering Form 1099-K as the sale of personal items allows you to report your original cost as an adjustment. The result is that you report the net amount as taxable income.

[ChicagoBulls]

Thank you. But how do I report the adjustment? Where do I enter the ticket costs?

Do I enter it in the box that says “This amount in box 1a is too high or includes some personal transactions”?

[JamesG1 · Accepted solution]

You may want to try these steps to report the ticket costs.

1. Report the StubHub IRS form 1099-K box 1a amount in the box Gross amount of payment card as you described above.
2. Do not put an entry in This amount in box 1a is too high or includes some personal transactions.
3. Click Continue.
4. At the screen Personal Item Sales, you are told that further information will need to be entered.  Learn More provides detailed information for the next steps.  Click Continue.
5. At the screen Your 1099-K summary, notice that the income relates to ‘Personal Items’.  Click Done.
6.  
7. At the screen Your income and expenses, scroll down to Investments and Savings (1099-B, 1099-K….).  Click the down arrow.
8. To the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B), select Start/Revisit.
9. At this screen, you will be asked to Review the Personal item sales (1099-K).  Click Review.
10. At the screen Now, enter one sale…., answer questions about the personal item sale.  
11. The amount in box 1a would be reported under Proceeds.
12. The ticket cost would be reported under Total amount paid.
13. Click Continue.
14. At the screen, Let us know if any of these situations apply to this sale, sales expenses may be recorded.

The entry will be reported:

• on Schedule D of the Federal 1040 tax return, and 
• on line 7 of the Federal 1040 tax return.

Capital loss for a personal item sale reports $0 capital gain on line 7 of the Federal 1040 tax return.

@ChicagoBulls 

[ChicagoBulls]

Thank you! This is exactly what I was looking for. I was able to get the numbers entered this way.