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Ticket Resale Income
12-04-2008 12:50 PM
Joined on 12-04-2008
I'm somewhat confused about the tax laws pertaining to ticket resales. I have season tickets to the Yankees, and I sell 75% of my games. Here's an estimated breakdown of what I did with the tickets:
-$500: Personally attended 20 games
-$100: Sold below cost 10 games
$0: Sold at cost 20 games
-$250: Wasted could not sell 5 games
+$750: Sold above cost 26 games
-$25: Processing fees charged to me
So I made $750 on 26 games with is taxable ordinary income. My questions are:
- Can I net out my losses from tickets not used & sold below cost?
- Can I deduct the cost of tickets I used myself?
- Can I deduct all my processing fees or do I need to pro-rate the cost per ticket?
- How do I go about declaring all this on my tax return?