What potential expenses or losses can de deducted from profilts earned from ticket re-selling?Cost of tickets?Loss for tickets unsold AND unused?Loss for tickets sold at a loss? Cost of onetime seat license? In most cases this is $30,000 or moreNormal self employment business expenses? Internet access, % of rent, utilities, etc?

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Concert & Sports Ticket Resales

Forum|Forum|3 years ago
August 31, 2022
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What potential expenses or losses can de deducted from profilts earned from ticket re-selling?

Cost of tickets?
Loss for tickets unsold AND unused?
Loss for tickets sold at a loss?
Cost of onetime seat license? In most cases this is $30,000 or more
Normal self employment business expenses? Internet access, % of rent, utilities, etc?

Best answer by Nancy M5

As a ticket reseller you can deduct the cost of your tickets since this is considered your inventory. If any of your tickets are sold at a loss or remain unsold you would be able to deduct that loss by expensing your inventory. The cost of a onetime seat license would be amortized or written off over the life or period of that seat license. And finally, you can expense normal business expenses, including, accounting and bank fees, third party payment fees, office supplies, phone bills, and internet costs. And if applicable, you may be able to deduct home office expenses, meals, and gifts.

Nancy M5Answer

As a ticket reseller you can deduct the cost of your tickets since this is considered your inventory. If any of your tickets are sold at a loss or remain unsold you would be able to deduct that loss by expensing your inventory. The cost of a onetime seat license would be amortized or written off over the life or period of that seat license. And finally, you can expense normal business expenses, including, accounting and bank fees, third party payment fees, office supplies, phone bills, and internet costs. And if applicable, you may be able to deduct home office expenses, meals, and gifts.

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