1099 tax form questions

KJ228171 · February 15

CROJAM95 said:

So livenation sent me for almost $11k, I did lot of upgrading… got burnt on 2 prem sales by accident, thank goodness they sold … my account put on schedule C, costing me like doing a 2nd return… I have medical bills to offset but what a pain in the ass

i will be wary about this bullshit moving forward, TM the worst

Lord knows I’m at the front of the line to drag TM but this is no way on them. You have to direct your ire at about 100 years of Congress and the Presidency. Even the recent lowering of the reporting thresholds didn’t change the actual laws that the tax payer has to report all income.

CROJAM95 · February 15

KJ228171 said:

CROJAM95 said:

So livenation sent me for almost $11k, I did lot of upgrading… got burnt on 2 prem sales by accident, thank goodness they sold … my account put on schedule C, costing me like doing a 2nd return… I have medical bills to offset but what a pain in the ass

i will be wary about this bullshit moving forward, TM the worst

Lord knows I’m at the front of the line to drag TM but this is no way on them. You have to direct your ire at about 100 years of Congress and the Presidency. Even the recent lowering of the reporting thresholds didn’t change the actual laws that the tax payer has to report all income.

Fuck them, I get your point… but they manipulate the early sales to make you think those or best available, it’s all bullshit… live and you learn but I’m not playing leapfrog game anymore … only direct to GA

not worth it, my accountant is around 70…. Me trying to explain this to him was hilarious

i showed vids of ga fun and he was amused

gus stills · February 15

Schedule c is not that hard. Not a tax expert at all, but pretty sure you list your “inventory” as your total amount paid for tickets, and then the 1099 amount at your profit. You’ll pay tax on the gain, and no tax on breaking even or loss of money. It’s a lot easier than entering in each sale as a hobby sale. Hope I’m right lol. I sold some sneakers this year and entered it that way on my 1040

CROJAM95 · February 15

I made zero profit, just upgrades…. Cost me $250 more to schedule c it

IlliniGuy76 · February 15

xxx

KJ228171 · February 15

CROJAM95 said:

I made zero profit, just upgrades…. Cost me $250 more to schedule c it

That sucks. You can blame TurboTax, H&R Block and the accountants’ lobbyists for that. They been making the tax code more complicated for decades to insure their business. In America everything is for sale even tax collection.

on2legs · February 15

A schedule C is basically fill in the blanks.

mookeywrench · February 16

Could have also just reported it in and out on schedule 1.

JOEJOEJOE · February 16

All the tax nerds are converging!

Loujoe · February 16

https://m.youtube.com/watch?v=Ein68odkNPk

KJ228171 · February 16

JOEJOEJOE said:

All the tax nerds are converging!

Come for the music, stay for the seminar on bonus depreciation.

mookeywrench · February 16

KJ228171 said:

JOEJOEJOE said:

All the tax nerds are converging!

Come for the music, stay for the seminar on bonus depreciation.

And waste your life preparing K2 K3 forms that report no foreign activity!

JOEJOEJOE · February 16

I was intimidated when I saw how thick the K1s were the first year of the K2/K3s.

aisleseats · February 17

I admit, it touched a nerve when referred to as a tax fraud, as nothing was done intentionally. I mean, prior to last year, I'd say that 99% of people who had ever had a a change of plans and had to resell a pair of event tickets to get their money back, didn't report that sale on their taxes. So, if you want to call me a tax fraud, that probably applies to most people in here. But point taken.

I'm certainly no tax expert. And I'm trying to do it right this year. But they don't make it easy. For example: I had one ticket sale last February. I originally paid $461 for the pair. I sold them to get $460.80 back. So, I actually lost $.20 on that sale. But my 1099k shows $612.23 for that sale (I assume for TM fees, which they never give you an itemized receipt for). Which would indicate that I profited $151.23, even though I didn't. So, do I report that as a personal item sold at a gain, or personal item sold at a loss? And if it's the former, why in the hell am I paying taxes on Ticketmaster's profits?

KJ228171 · February 17

aisleseats said:

I admit, it touched a nerve when referred to as a tax fraud, as nothing was done intentionally. I mean, prior to last year, I'd say that 99% of people who had ever had a a change of plans and had to resell a pair of event tickets to get their money back, didn't report that sale on their taxes. So, if you want to call me a tax fraud, that probably applies to most people in here. But point taken.

I'm certainly no tax expert. And I'm trying to do it right this year. But they don't make it easy. For example: I had one ticket sale last February. I originally paid $461 for the pair. I sold them to get $460.80 back. So, I actually lost $.20 on that sale. But my 1099k shows $612.23 for that sale (I assume for TM fees, which they never give you an itemized receipt for). Which would indicate that I profited $151.23, even though I didn't. So, do I report that as a personal item sold at a gain, or personal item sold at a loss? And if it's the former, why in the hell am I paying taxes on Ticketmaster's profits?

If the1099K doesn't reflect the exact amount that you were paid than that 1099K is wrong and you have to reach out to TM for them to fix it and issue a corrected version. If there are no other ticket sales involved that's a problem. You can always double check the sold tickets in your TM account to reconcile it.

pjl44 · February 17

The March newsletter contest should be for a 30 minute consult with an accountant

aisleseats · February 17

KJ228171 said:

aisleseats said:

I admit, it touched a nerve when referred to as a tax fraud, as nothing was done intentionally. I mean, prior to last year, I'd say that 99% of people who had ever had a a change of plans and had to resell a pair of event tickets to get their money back, didn't report that sale on their taxes. So, if you want to call me a tax fraud, that probably applies to most people in here. But point taken.

I'm certainly no tax expert. And I'm trying to do it right this year. But they don't make it easy. For example: I had one ticket sale last February. I originally paid $461 for the pair. I sold them to get $460.80 back. So, I actually lost $.20 on that sale. But my 1099k shows $612.23 for that sale (I assume for TM fees, which they never give you an itemized receipt for). Which would indicate that I profited $151.23, even though I didn't. So, do I report that as a personal item sold at a gain, or personal item sold at a loss? And if it's the former, why in the hell am I paying taxes on Ticketmaster's profits?

If the1099K doesn't reflect the exact amount that you were paid than that 1099K is wrong and you have to reach out to TM for them to fix it and issue a corrected version. If there are no other ticket sales involved that's a problem. You can always double check the sold tickets in your TM account to reconcile it.

It's like that for all the months where I had sales that weren't F2F. The only months that are accurate are the ones where I just sold F2F tickets. I just assumed they were lumping their cut into the total, and that's the amount I had to report.

jrfigg · February 17

https://www.irs.gov/businesses/what-to-do-with-form-1099-k#personal

In case you don’t want an Internet forum to be your accountant.

aisleseats · February 17

jrfigg said:

https://www.irs.gov/businesses/what-to-do-with-form-1099-k#personal

In case you don’t want an Internet forum to be your accountant.

Yeah, I had already looked that over pretty heavily. But it doesn't really give much clarification. And even there, where it tells you what form to use, once you get to the form, it asks you to enter amounts from 1099b, not 1099k. Was just curious to see what others have done, since I can't possibly be the only one here reporting their ticket sales on their taxes.

jrfigg · February 17

aisleseats said:

jrfigg said:

https://www.irs.gov/businesses/what-to-do-with-form-1099-k#personal

In case you don’t want an Internet forum to be your accountant.

Yeah, I had already looked that over pretty heavily. But it doesn't really give much clarification. And even there, where it tells you what form to use, once you get to the form, it asks you to enter amounts from 1099b, not 1099k. Was just curious to see what others have done, since I can't possibly be the only one here reporting their ticket sales on their taxes.

Ha, fair enough. As an accountant I’m probably just more used to reading IRS nonsense. Assuming you need to report on form 8949 and schedule d, on the 8949 part 1 you should report the tickets as short term property with box c (not reported on a 1099b) checked. And then hopefully whatever software you’re using automatically carries that to schedule d part 1 and then on to your 1040 page 1.

1099 tax form questions

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