Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I did several movie vendor events, where my clients would…

Customer Question
I did several movie vendor...
I did several movie vendor events, where my clients would purchase tickets from me and I would pay the theater and provide swag bags. The ticket purchases were done through PayPal and I received a 1099K . Under what category do I put the purchase of the theater rental and the purchase for the items for the swag bags.
Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 1 month ago
I am an independent consultant for Pure Romance, a direct sales company I did several movie vendor events, where my clients would purchase tickets from me and I would pay the theater and provide swag bags. The ticket purchases were done through PayPal and I received a 1099K . Underwhat category do I put the purchase of the theater rental and the purchase for the items for the swag bags. Also, would it be better to separate the vendor events into a separate company? If so, how do I accurately report the income from the Pure Romance business and the event company business when I only received one 1099K
Answered in 5 hours by:
3/10/2018
Tax Professional: Shan-Nel Simmons, Enrolled Agent replied 1 month ago
Shan-Nel Simmons
Shan-Nel Simmons, Enrolled Agent
Category: Tax
Satisfied Customers: 43
Experience: Tax Pro and Founder at Nel's Tax Help,LLC
Verified

For tax purposes, you can report all of your events under one entity or company if it was all one company that hosted these events. I do want to caution that the 1099-K only reports credit card transactions only. Therefore, if you collected income either via cash or check that would not be processed through a credit card merchant you are still required to report all the income you received. Also, if you did not received a 1099-K for all of your transactions you processed during the year, you are still required to report all income you received.

As for your expenses, you can list the theater under rental expense or rental-other property depending which tax form you are using. As for the "swag bags" they would be under other expenses and listed as whatever you want to call them. The most important part is you maintain records or can prove that the cost of the rental fees and the swags happened and were paid by you.

I hope this helps. Please leave a five star rating and enjoy your day!

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thank you for for making that easy to understand
Tax Professional: Shan-Nel Simmons, Enrolled Agent replied 1 month ago

You are most welcome. Please remember to leave a five star rating. Thank you for using Just Answer!

Ask Your Own Tax Question
Was this answer helpful?
Ask Shan-Nel Simmons Your Own Question
Shan-Nel Simmons
Shan-Nel Simmons
Shan-Nel Simmons, Enrolled Agent
Category: Tax
Satisfied Customers: 43
43 Satisfied Customers
Experience: Tax Pro and Founder at Nel's Tax Help,LLC

Shan-Nel Simmons is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I received a 1099 S after I filed my taxes for the sale of
I received a 1099 S after I filed my taxes for the sale of my mother in laws condo after she passed. Do I file an amended return? How is inheritance taxed? she paid 117000 in 1994 and it sold for 8000… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
I have a question about form 4797 sale of business property.
I have a question about form 4797 sale of business property … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
IRS Tax Question: Should a 1099-S be for the total sale
IRS Tax Question: Should a 1099-S be for the total sale price of a property or can it be for a different amount?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
TAX: Taxpayer presented form 1099-K, what do I do with this
TAX: Taxpayer presented form 1099-K, what do I do with this form while preparing his taxes? I entered the data in my tax software; do I show these payments as income received on Schedule C also? It wa… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Where do I enter the information on 1099S for the sale of a
Where do I enter the information on 1099S for the sale of a home we bought for our so and now turned it over to him. The lime 2 is 32000.00 and we paid 35000.00. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
Are beneficiaries required to report K-1 credits on the Form
Are beneficiaries required to report K-1 credits on the Form 1040, or is at our discretion? I'm using TAXACT software. The Form 1041 K-1 Final Year Deductions only shows credits on Line 11 A and C. Th… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
K-1 schedule foreign transactions - blocks ,C, D, and E have
k-1 schedule foreign transactions - blocks B,C, D, and E have small numbers (578,138,176, and 8 resp). Report this on form 1116 or schedule E? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If you received a form 1099-c from a rental property where
If you received a form 1099-c from a rental property where is it reported on the 1040. Ex. Property held for over a year. Amount owed per 1099- C is 150,000 fmv 90,000 … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
My daughter had a 1099-MISC form from the sale of an FFA
My daughter had a 1099-MISC form from the sale of an FFA project animal. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Form 1099S. Box 2, gross ant of sale. If a property was sold
Form 1099S. Box 2, gross ant of sale. If a property was sold by three people what is the gross amt of sale? Is it the total gross or just the gross of one persons share? Also can two people be named o… read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
I received 1099-K for Etsy, Square and PayPal sales. There
I received 1099-K for Etsy, Square and PayPal sales. There were 14 sales totaling approx. $10,000. These are below the stated minimums of 200 transactions and $20,000 gross sales. Do I have to report … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a tax question regarding 1099-k. I received 1099-k
Ok I received 1099-k for money received in 2017. I have cost of service that will lower my profit. All this is good. My question I had an initial capital cash. Where do I include the capital money. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I received Form 1099-S following the sale of my mother's
I received Form 1099-S following the sale of my mother's property. I was the Administrator of her Trust. The property sold for $230K and the proceeds were divided 4 ways; among me and my 3 siblings. D… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
Amended Form 1099-Misc the original tax year 2017 Form 1099
amended Form 1099-Miscthe original tax year 2017 Form 1099 was understated . How do I correct this… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
TAX: Taxpayer received form 1099-Misc with income reported
TAX: Taxpayer received form 1099-Misc with income reported in box 7 (non-employee compensation) of $4189. The taxpayer performed services as a Substitute Teacher. Is this income reported on SCH C and … read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
I received a 1099 k from paypal. says I had an income of
I received a 1099 k from paypal. says I had an income of $8,273.89. That is mostly income from gamblings. I paid a lot more than I won. what can i do its not really income … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
How can Uber place my income on a Form 1099-K versus a Form
How can Uber place my income on a Form 1099-K versus a Form 1099-MISC? How can the Form 1099-K show additional income that I did not receive from Uber? As an Uber Driver, I am consider an Independent … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
I received a 1099 K from Paypal, but I also receive 1099
I received a 1099 K from Paypal, but I also receive 1099 MISC for the same income. Both are reported to the IRS.… read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x