K-No Posted January 22, 2022 Share Posted January 22, 2022 I had to sell my season tickets to the Patriots playoff game. I later received an email from Ticketmaster saying they cannot send me the money from the sale until I send them my SSN etc. so they can send me a 1099K and notify the IRS of the proceeds. Does it matter that I made $0 profit from the sale? So, do I need to file separate forms come tax time? Amount paid vs amount sold for, deduct fees etc.? As far as regular season games, tickets don't have a face value anymore, just one price for the season. I don't even know the price of an individual ticket. I don't blame Ticketmaster for this one, I'm guessing it's the government, but it's one more reason to not use Ticketmaster unless you need to. They charge buyers over 20% and hold the seller's money for about a month. Yer killin me Smalls. 1 Quote Link to comment Share on other sites More sharing options...
BillnutinHouston Posted January 22, 2022 Share Posted January 22, 2022 Yes I got the same email and not too keen about giving them my social security number. I decided it's not worth it. I'm just letting them keep my money. 1 2 Quote Link to comment Share on other sites More sharing options...
aceman_16 Posted January 22, 2022 Share Posted January 22, 2022 I have a "friend" who has a company that does this. He created it to buy season tickets as employee benefits. He does alot of fun legal stuff with Buffalo Bills tix etc. Good luck giving outside folks your SS# Quote Link to comment Share on other sites More sharing options...
galept Posted January 22, 2022 Share Posted January 22, 2022 This is a sale, and income is income. You're right that if Ticketmaster didn't do this they would face the wrath of the federal government. With that said, Ticketmaster is one of the worst companies in this nation and I hope everyone on here avoids them like the plague. 3 1 Quote Link to comment Share on other sites More sharing options...
Steptide Posted January 22, 2022 Share Posted January 22, 2022 Well they gotta pay for all those stimulus's somehow 😅. They're actually going after venmo too. Starting this year, venmo transactions have to be reported to the irs. You can't expect the government to let money move without them getting a piece 🙄 1 Quote Link to comment Share on other sites More sharing options...
Billzgobowlin Posted January 22, 2022 Share Posted January 22, 2022 This is the new wonderful US that is eliminating the loop holes for middle class people and small businesses. No politics intended 2 5 Quote Link to comment Share on other sites More sharing options...
RaoulDuke79 Posted January 22, 2022 Share Posted January 22, 2022 Yeeehaw...more government overreach. 5 1 5 Quote Link to comment Share on other sites More sharing options...
vanhalen26 Posted January 22, 2022 Share Posted January 22, 2022 Do I like it? No. pain in the ass as I have seasons to three different teams and don’t attend every game. Is it overreach? Not in my opinion - most aren’t making significant $ over this, but some use as a nice tax free cash grab and should pay their share. 5 2 1 1 1 Quote Link to comment Share on other sites More sharing options...
MasterStrategist Posted January 22, 2022 Share Posted January 22, 2022 Must have started in 2022, because I sold several times on Ticketmaster in 2021 with none of this occurring. Quote Link to comment Share on other sites More sharing options...
Bob Chandler's Hands Posted January 22, 2022 Share Posted January 22, 2022 1 minute ago, vanhalen26 said: Do I like it? No. pain in the ass as I have seasons to three different teams and don’t attend every game. Is it overreach? Not in my opinion - most aren’t making significant $ over this, but some use as a nice tax free cash grab and should pay their share. Pay their share is a polite way of saying "have a portion forcibly taken by the government". 4 2 1 1 2 2 Quote Link to comment Share on other sites More sharing options...
CoffeeDrip Posted January 22, 2022 Share Posted January 22, 2022 The government is really starting to stick its fingers into the different payment apps. Reportedly any transaction above $600 needs to be reported and claimed on taxes. I'm just glad I turned my hobby into a "legit" business before this happened so I was already prepared to claim all of my sales through PayPal and Square, but it is really impacting hobbies and side hustles for people. 1 Quote Link to comment Share on other sites More sharing options...
NewEra Posted January 22, 2022 Share Posted January 22, 2022 28 minutes ago, galept said: This is a sale, and income is income. You're right that if Ticketmaster didn't do this they would face the wrath of the federal government. With that said, Ticketmaster is one of the worst companies in this nation and I hope everyone on here avoids them like the plague. Wondering why apps like poshmark don’t send 1099s for every sale or get the wrath of the federal government? Serious question. Income is income? 1 1 Quote Link to comment Share on other sites More sharing options...
Spiderweb Posted January 22, 2022 Share Posted January 22, 2022 2 minutes ago, vanhalen26 said: Do I like it? No. pain in the ass as I have seasons to three different teams and don’t attend every game. Is it overreach? Not in my opinion - most aren’t making significant $ over this, but some use as a nice tax free cash grab and should pay their share. True. If you don't profit, you don't owe income tax on it. Pretty simple. Making the rich pay their fair share or eliminating their lucrative loop holes is another valid story. 2 minutes ago, Bob Chandler's Hands said: Pay their share is a polite way of saying "have a portion forcibly taken by the government". But you want roads? You want the country to be safe (as possible) from attack? Do you fly? The list is endless. We all contribute. 1 4 2 1 1 Quote Link to comment Share on other sites More sharing options...
BuffaloBillies Posted January 22, 2022 Share Posted January 22, 2022 I would imagine OP could offset the 1099 "income" by showing losses (original ticket price) and net out at 0? 1 1 Quote Link to comment Share on other sites More sharing options...
Bob Chandler's Hands Posted January 22, 2022 Share Posted January 22, 2022 2 minutes ago, Spiderweb said: But you want roads? You want the country to be safe (as possible) from attack? Do you fly? The list is endless. We all contribute. Oh, believe me, I know how much I contribute. And the % gets higher every year. So glad Uncle Sam is reaching into every couch cushion to take more. Quote Link to comment Share on other sites More sharing options...
billsfanmiamioh Posted January 22, 2022 Share Posted January 22, 2022 9 minutes ago, vanhalen26 said: Do I like it? No. pain in the ass as I have seasons to three different teams and don’t attend every game. Is it overreach? Not in my opinion - most aren’t making significant $ over this, but some use as a nice tax free cash grab and should pay their share. This is BS. I’ve consistently lost money every year I’ve been a season ticket holder. At one point I had 10 tickets during the drought. I’ve lost thousands and now the IRS wants a piece? BS 3 1 Quote Link to comment Share on other sites More sharing options...
Motorin' Posted January 22, 2022 Share Posted January 22, 2022 2 minutes ago, BuffaloBillies said: I would imagine OP could offset the 1099 "income" by showing losses (original ticket price) and net out at 0? What's to stop people from declaring a loss and paying less overall tax? Just now, billsfanmiamioh said: This is BS. I’ve consistently lost money every year I’ve been a season ticket holder. At one point I had 10 tickets during the drought. I’ve lost thousands and now the IRS wants a piece? BS Why not treat it as a side business and reduce your taxes due the the loss? 2 Quote Link to comment Share on other sites More sharing options...
BuffaloBillies Posted January 22, 2022 Share Posted January 22, 2022 1 minute ago, Motorin' said: What's to stop people from declaring a loss and paying less overall tax? Well, I suppose you would need proof. Anyone can lie on their taxes... it's what you have if they every come knocking that matters. Quote Link to comment Share on other sites More sharing options...
CoffeeDrip Posted January 22, 2022 Share Posted January 22, 2022 9 minutes ago, NewEra said: Wondering why apps like poshmark don’t send 1099s for every sale or get the wrath of the federal government? Serious question. Income is income? I imagine they're going to have to, or that they'll have to require sellers to accept payment through a third-party app that will then report it. At one point the "reporting amount" for PayPal was $20k or above but it is much, much less now. 1 Quote Link to comment Share on other sites More sharing options...
Motorin' Posted January 22, 2022 Share Posted January 22, 2022 Just now, BuffaloBillies said: Well, I suppose you would need proof. Anyone can lie on their taxes... it's what you have if they every come knocking that matters. You don't need to file any paperwork to run a business. You have your purchase order, and your sale order. If the sale is higher than the purchase you made profit. If it's less you had a loss. Quote Link to comment Share on other sites More sharing options...
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