Ticket sales

[doorway18]

I sold some basketball tickets for $15,000  to a business which they used for promotions, etc. 

They sent me a 1099 for the gross amount of what I sold them. 

I'm assuming my profit from the tickets is the only thing taxable. 

Sale of tickets minus my cost equals taxable amount? 

[Juliane22]

Hello doorway18!

You are correct, you are only taxed on your profit from the sale. You will need to fill out a Schedule C for self-employed persons which will allow you to enter any expenses you had, such as the cost of the tickets and any other direct expenses of the sale. The net amount after deducting these expenses is the taxable amount. 

I hope this helps. Please reply here if you need any more specific guidance.

Juliane

[rschule1]

Hi there:

Gain on sale would be sales price less your cost of tickets (called basis). If the you received the tickets free of charge then your basis is $0.