Paying taxes on over $600 sale profit.

[Mlinker33]

I sold some tickets on Stubhub but didn’t notice the spot to enter the original cost of the tickets when I listed them. Now the tickets have been sold so I’m unable to update the listing with the original price paid. Now I’m being asked for TIN number. I don’t want to pay taxes on the full amount I sold the tickets for, since I already paid taxes when I bought them. I did not make an over $600 profit. How can I fix this?

[bossfan · Accepted solution]

It is federal tax law now that gross sales over $600 are reported to the IRS and you get sent a 1099k. On your taxes you can report gross minus face value and Stubhub fees so you are only reporting net on the sale. If you don’t know how to report it on your taxes then you need to consult your tax professional.

[Bob]

StubHub doesn't care about the original price you paid for your tickets. That field is for your own reference only.