NFL Ticket sale no 1099-K

Forum|Forum|1 year ago
April 6, 2025
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I sold some NFL tickets on NFL Ticket Exchange. Some for a loss and some for gain. The total amount was less than the threshold for a 1099-K; I do not have a 1099-K. I know I need to report the income; even without a 1099-K. I do not see a thread explaining ticket sale income without a 1099-K and none of my searches for reporting NFL ticket sales without a 1099-K have been successful; maybe I missed something. I would appreciate any help with completing my 2024 taxes using Turbo Tax Premier.

JamesG1

Sale of personal items may be reported on Schedule D IRS form 1040 and Schedule 8949.

Personal items sold for less than their cost basis report $0 capital gain on line 7 of the Federal 1040 tax return.

Personal items sold for more than their cost basis report the gain on line 7 of the Federal 1040 tax return. See this example.

Selling Cost

Price Basis

Item 1 $500 $2,000 Capital loss on personal item = $0 loss

Item 2 $400 $300 Capital gain on personal item = $100 gain

Item 3 $100 $100 No capital gain or loss

$1,000 $2,400

In TurboTax Online, to report such a sale of personal items, follow these directions.

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Click to the right of Investments and Savings.
Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click Add investments.
At the screen Let's import your tax info, select enter a different way.
At the screen OK, let's start with one investment type, select Other, Land, Second homes, Personal items.
Select Add another sale to report additional transactions.

See also this TurboTax Help.

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RDesAuthor

Thanks it seemed to work.

The issues I had to work through had to do with "Proceeds". According to the 8949 instructions it should be the Net amount I received; sold price minus ticketmaster fee. However, using TurboTax I felt I was supposed to enter the sold price and later fill in the ticketmaster fee. I ended up doing it both ways and ultimately ended with basically the same result.

On the 8949 instructions, it mentions using parentheses on column g for losses but TurboTax uses the minus sign, is this a known issue and does it matter?

DawnC

Employee

Yes, it is a known issue and no, it does not matter. You can enter it either way, and as you noticed, it works out the same - the fees can be subtracted from the proceeds or entered as a selling expense.

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