I purchased Raiders tickets from the Raiders organization. I sold a few on Stubhub and received a 1099 for $8,000. But I purchased the tickets for $6,000. Do I really pay tax on the $8k and not my profit which was only $2k? Please help.
Selling tickets is like selling a stock. You only pay taxes on net gain/loss. Give the 1099 to your accountant along with the cost you paid for tickets
Just FYI if you don't use an accountant and do your own taxes then the gross sales on the 1099k probably includes the Stubhub commission you paid. You need to report the gross sales to match your 1099k and then subtract out the Stubhub commission fees and your ticket cost to arrive at the net profit that you need to pay your taxes on. I'm not going to give you tax advice so you will need to research how to report your 1099k info.
