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1099-K tax entry - from Live Nation Entertainment

Forum|Forum|6 years ago
February 12, 2020
3 replies
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Hi All,

I received a 1099-K from Live Nation Entertainment for "Payment Card and Third Party Transactions", which was a result of my resale of my season tickets to the Boston Celtics. This is not for self employment.

Based on my state rules, I'm not required to report the income on my Federal taxes as I didn't meet the gross amount minimum. However, I meet the minimum for State taxes.

My question is how do I report this specifically for state taxes? Also, since these were resales of tickets I had already purchased, do I only report on the profit made from the tickets? Thanks much.

Best answer by JohnB5677

The 1099-K must be reported, but it can be posted in several different ways. Based on your description of what happened, you should post it under:

INCOME
I'll choose what I work on
Scroll down to Investment Income
Select Stocks, Mutual Funds...
Yes you sold investments
NO did not get 1099-B
You sold Personal Items

Now complete the description and sale & purchase information.

J

JohnW152

All income is taxable on your federal return unless specifically excluded by federal law. The resale of your season tickets is not among income items that can be excluded, so you’ll not only need to report this information on your state taxes, but your federal income tax return, as well.

Please see the TurboTax Help article “How do I enter a 1099-K in TurboTax Online?” for guidance on entering your 1099-K information. Once you’ve started entering your information into Schedule C, you’ll also have the opportunity to enter any expenses that you have incurred.

R

RoofD82Author

Hi @JohnW152

Thanks for the reply. I'm confused, based on the feedback I've already received on the minimums for federal vs State on this form. I also reviewed the document you referred me to and it was all tied to the fact that I must have been self employed, which I clearly wasn't. Am I filling this out like I'm a ticket broker on the side or something? Also how do I adjust for the fact that these were tickets I already had purchased before reselling? Something seems off with this.

JohnB5677Answer

The 1099-K must be reported, but it can be posted in several different ways. Based on your description of what happened, you should post it under:

INCOME
I'll choose what I work on
Scroll down to Investment Income
Select Stocks, Mutual Funds...
Yes you sold investments
NO did not get 1099-B
You sold Personal Items

Now complete the description and sale & purchase information.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

M

MissMayhem

The same thing happened to us for putting our Patriots tickets on the ticket exchange. We're not a broker, and used the ticket exchange (following the season ticket holder rules!) to sell those tickets.

We got the 1099K unexpectedly AFTER we already filed our tax returns! So, I now have to figure out how to file an amended return for this.

M

MAK70

See How do I amend my 2019 TurboTax Online return? - Community for instructions.

@MissMayhem

R

RoofD82Author

If my tickets sold on Ticketmaster in late December, but I didn’t receive payment for them till January, do I report it on the earlier years return? Or does it roll into income for the following tax year?

V

Vanessa A

Generally, you should report the income in the year you received it. However, if the income was sitting in an account for you and you simply did not withdraw it until 2023, but you had full rights to withdraw it in 2022, you would include it on your 2022 income.

If they simply did not process the payment and pay you until 2023, then you would not report it until you file your 2023 return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"