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Where do I list expenses I incurred by reselling Event Tickets?

Forum|Forum|1 year ago
February 2, 2025
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I sold Event tickets on StubHub

Best answer by LindaS5247

You will only be able to deduct expenses related to your sale of tickets if you are considered a business. If you sell tickets regularly and you depend on the income and have made a profit in three of the last five years, you could be considered "Self-Employed". ‌

In that case you will be able to deduct expenses related to your ticket sales on Form Schedule C, "Profit or Loss From Business".

You can't deduct expenses incurred by reselling StubHub tickets if you are filing as a hobbyist. ‌You would be considered a "hobbyist" if the money you made isn't money you depend on, or the money made was incidental and made doing something you enjoy, and you didn't spend time doing it often and regularly.

The screens you will see in TurboTax, when entering your 1099-K, have additional information regarding hobbyist vs self-employed. This is a helpful guide to determine if you are self-employed vs a hobbyist.

Select the type of income you are entering and it will display the "Learn More" links to click on.

Your screens will look something like this:

Click here for additional information on entering Hobby Income.

Click here for information on entering your self-employed income into TurboTax.

Click here for information regarding when your business is considered a hobby.

LindaS5247Answer

You will only be able to deduct expenses related to your sale of tickets if you are considered a business. If you sell tickets regularly and you depend on the income and have made a profit in three of the last five years, you could be considered "Self-Employed". ‌

In that case you will be able to deduct expenses related to your ticket sales on Form Schedule C, "Profit or Loss From Business".

You can't deduct expenses incurred by reselling StubHub tickets if you are filing as a hobbyist. ‌You would be considered a "hobbyist" if the money you made isn't money you depend on, or the money made was incidental and made doing something you enjoy, and you didn't spend time doing it often and regularly.

The screens you will see in TurboTax, when entering your 1099-K, have additional information regarding hobbyist vs self-employed. This is a helpful guide to determine if you are self-employed vs a hobbyist.

Select the type of income you are entering and it will display the "Learn More" links to click on.

Your screens will look something like this:

Click here for additional information on entering Hobby Income.

Click here for information on entering your self-employed income into TurboTax.

Click here for information regarding when your business is considered a hobby.

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A

asdfkjalfjskaljfdk

"You can't deduct expenses incurred by reselling StubHub tickets if you are filing as a hobbyist."

Here is the problem with this statement:

SeatGeek sends a 1099-K that includes what is deposited in the bank account of the seller by SeatGeek AND the fees that SeatGeek charges the seller per transaction.

So the taxpayer filing as a hobbyist is expected to have the fees SeatGeek retained to be counted as income? Further, the taxpayer filing as a hobbyist is expected to have what the taxpayer paid for the tickets count as income?

Where does TurboTax ask for the fees SeatGeek included in the 1099-K they provided to the seller?

Where does TurboTax ask for the costs the taxpayer paid for the tickets?

Thank you.

D

DianeW777

I went to the link provided, and it said:

"Here's where you'll enter any hobby income you made in 2024 that you *didn’t* get a 1099-K for."

The key is to report your income, it's not a requirement for you to complete a Form 1099-K to file your tax return. What is required is to report the taxable income you received during the tax year. As long as you keep your tax documents in your tax records and can show the income you reported, that's all that matters.

@asdfkjalfjskaljfdk

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