Is schedule C required for NFL season ticket expenses and sales/losses?

Forum|Forum|1 year ago
February 18, 2025
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TurboTax Home & Biz Windows

DawnC

Employee

If you are in the business of buying and selling tickets, yes. But if you just resold some of your personally owned tickets, you can enter the sale in the investment sales section of TurboTax. You can't claim a loss on the sale of personal items, but if you made money on the transaction, you can enter it as an investment sale. You only pay tax on the gain portion of the sale.

If you received a 1099-K, use these instructions.

If you did not get a tax form, use these instructions.

Reporting Personal Items You Sold Online or at a Yard Sale

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Deb727Author

Thank you due the response. Season ticket holders have to pay for their tickets at the beginning of the season so where would you claim the monies paid? Abs where would you identify losses for tickets not sold or sold less than what was paid?

ThomasM125

You would enter the ticket purchases in the Inventory and Cost of Goods Sold section of your business entries. Indicate that you have inventory to report, and enter the cost of tickets purchased and the beginning and ending inventory of tickets at cost. TurboTax will determine your cost of tickets sold based on these entries. The losses on tickets would be reflected in the cost of your ending inventory.

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Deb727Author

I added the 1099-K for the NFL season ticket reseller but never found where I was supposed to enter what was originally paid for the tickets...The help says this: For 2024 the IRS does not require you to report these payments separately. TurboTax will not give you a separate field for the amounts reported on your 1099-K(s), so be sure that you visit the other income topics to report any income that you received via credit cards, debit cards, or electronic payments in 2024.

Where are the "other income topics"?

I'm using 2024 home and business.

JamesG1

so be sure that you visit the other income topics to report any income that you received via credit cards, debit cards, or electronic payments in 2024.

I think that the software is referring to the other income stream options that are available within the self-employment activity on Schedule C.

In Home and Business: