How to correctly enter Ticketmaster ticket profits into Form 8949?

Forum|Forum|1 year ago
February 6, 2025
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Hello all. I hope someone can help me . I sold a few NFL tickets for a profit this past year. Now I have a 1099-K from Live Nation Worldwide, Inc. It provides the "Gross amount of payment" which is significantly higher that my profit on the tickets. I am unsure how to enter the ticket sale value, my cost and the 10% cut taken by Ticketmaster. on the internet folks suggest using Form 8949 which then apparently feeds into Schedule D or just to use Schedule C. I tried goin to Form 8949 but it has already been completed when I imported stock info from Fidelity and it doesn't look like I can add a new form or new lines to the existing form. I am scratching my head over this. Can anyone help? Thanks a mil!

TurboTax Home & Biz Windows

MindyB

Yes. ‌It sounds like you sold a few tickets that were personal in nature, not a business. ‌If that is correct, you will not enter this on Schedule C, rather Schedule D.

Here's how to report this in TurboTax Online:

Within your tax return go to the magnifying glass icon on the top right, type 1099-K and select the Jump to 1099-K link in the search results
Choose Add a 1099-K
The next screen will ask "Which type of income your 1099-K is for?" choose Personal item sales, then Continue
Enter the information from your 1099-K, I used $5,000 as an example, report the number from your 1099-K.
After you choose continue, the next screen will show "Personal Item Sales". If the tickets were all profitable, choose "Some items were sold at a loss or had no gain", and enter $0.

Now, TurboTax will automatically create a placeholder in investment income.

After completing the 1099-K entry, next navigate to Federal > Wages & Income > Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) > Add/Edit
Select Live Nation Worldwide, Inc.
Under proceeds, you will enter the proceeds from the 1099-K
You will enter the total amount paid, which is your cost of the tickets
Continue on and you will be asked if you paid "sales expenses that aren't included in the sale proceeds reported on the form", here you can report the 10% fee.

Lynn G1Author

Thank you Mindy!!!!

This information was fantastic! I think that I am almost there. However, after completing everything that you suggested, Turbo Tax found one error. I am hoping that you might be able to help me one more time. Below is what the error said:

FORM 1099-k reconciliation: If checked, a copy of Form 1099-k with the payer and payment amount shown below has been linked to this worksheet. Total sales proceeds reported on the Capital Asset Sales Worksheet(s) much match the amount shown below.

Turbo Tax suggests adding sales on this worksheet with sales proceeds to match the amount report on the Form 1099-K. But I am confused, as I have no idea where the Live Nation number, the one on the 1099-k, came from as it is much higher than all of my combined sales. Can you please help me again? Thanks so VERY much!

RobertB4444

The 1099-K amount may include the fees that Ticketmaster charged you as well as the money that you received. You will have to contact Ticketmaster to get a list of all of the sales that they show you receiving. This information may also be in your online Ticketmaster account.

@Lynn G1

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