PromoTheRobot Posted January 22, 2022 Share Posted January 22, 2022 3 hours ago, K-No said: 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. You need to report what you paid for the tickets so you can lower your tax liability. The threshold for a 1099 used to be $20,000! Now it's only $600. And you can't escape that by using StubHub or Vivid Seats. They are all issuing 1099's now. Quote Link to comment Share on other sites More sharing options...
klos63 Posted January 22, 2022 Share Posted January 22, 2022 22 minutes ago, Ed_Formerly_of_Roch said: Sure the IRS could care less if you call it a business or not. But they do care about money, whether it's made from a business or personal income. All the IRS cares about is following the money and if they see money flowing to you that's income and you need to pay taxes on it. That's all they care about and in today's digital world, it's much easier to follow the money. Did you get a check from Aunt Suzy for Christmas, that's income. If you have a garage sale, that's income that you're supposed to report, but fortunately for many, the IRS isn't able to easily find many things. But now you're dealing with a large company in Ticketmaster and they need to show where the money is flowing to. A check from Aunt Suzy for Christmas is definitely not income. Come on. 1 Quote Link to comment Share on other sites More sharing options...
PromoTheRobot Posted January 22, 2022 Share Posted January 22, 2022 3 hours ago, BillnutinHouston said: 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. That's not how it works. You are getting income reported to the IRS. Ignoring it doesn't make it go away. Quote Link to comment Share on other sites More sharing options...
klos63 Posted January 22, 2022 Share Posted January 22, 2022 2 minutes ago, Augie said: You don’t necessarily need to be wealthy to make it complicated. I was self employed for many years, and the wife was glad to see me retire because she does the taxes before it goes to the CPA. Being self employed definitely adds significantly to the degree of difficulty. Fair point, I was self employed as well. Taxes were a pain. Quote Link to comment Share on other sites More sharing options...
Motorin' Posted January 22, 2022 Share Posted January 22, 2022 2 minutes ago, PromoTheRobot said: You need to report what you paid for the tickets so you can lower your tax liability. The threshold for a 1099 used to be $20,000! Now it's only $600. And you can't escape that by using StubHub or Vivid Seats. They are all issuing 1099's now. That's exactly what I'm saying. Ed is saying what you paid doesn't matter it's all taxable income and you can't subtract what you paid. I disagree. Quote Link to comment Share on other sites More sharing options...
PromoTheRobot Posted January 22, 2022 Share Posted January 22, 2022 8 minutes ago, klos63 said: 16th amendment has been around for over 100 years, which allowed for Congress to tax. Not something to be argued after all these years. But I saw a YouTube video 1 1 Quote Link to comment Share on other sites More sharing options...
Mango Posted January 22, 2022 Share Posted January 22, 2022 3 hours ago, Steptide said: 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 🙄 So the government is pushing for more cash transactions. Got it. Quote Link to comment Share on other sites More sharing options...
PromoTheRobot Posted January 22, 2022 Share Posted January 22, 2022 1 minute ago, Motorin' said: That's exactly what I'm saying. Ed is saying what you paid doesn't matter it's all taxable income and you can't subtract what you paid. I disagree. My accountant said I can deduct the cost of the tickets. That's what I'm doing. Income is gross sales minus expenses. 1 Quote Link to comment Share on other sites More sharing options...
Motorin' Posted January 22, 2022 Share Posted January 22, 2022 1 minute ago, PromoTheRobot said: My accountant said I can deduct the cost of the tickets. That's what I'm doing. Income is gross sales minus expenses. I guess the question is whether to do it on a Schedule C or D? My primary purpose of buying season tickets were to resell (most) of them. So I'm going to file C. Quote Link to comment Share on other sites More sharing options...
Augie Posted January 22, 2022 Share Posted January 22, 2022 6 minutes ago, klos63 said: A check from Aunt Suzy for Christmas is definitely not income. Come on. Then you get into documenting for gift tax limits. We helped our son and DIL buy their first house in a significant way. One more thing to beware of, despite that limit having gone up substantially over the years. It’s more complicated than is should be in many ways, for sure. The Average Joe can knock it out on Turbo Tax or some other program in no time, unless…….. Quote Link to comment Share on other sites More sharing options...
klos63 Posted January 22, 2022 Share Posted January 22, 2022 6 minutes ago, Augie said: Then you get into documenting for gift tax limits. We helped our son and DIL buy their first house in a significant way. One more thing to beware of, despite that limit having gone up substantially over the years. It’s more complicated than is should be in many ways, for sure. The Average Joe can knock it out on Turbo Tax or some other program in no time, unless…….. Gift tax limit is $16K, Aunt Suzy isn't that generous. 1 Quote Link to comment Share on other sites More sharing options...
Augie Posted January 22, 2022 Share Posted January 22, 2022 1 minute ago, klos63 said: Gift tax limit is $16K, Aunt Suzy isn't that generous. She SHOULD be! She can’t take it with her! 😋 I wish it was more simple, but quite honestly I don’t personally deal with it, so I can’t complain too much. 1 Quote Link to comment Share on other sites More sharing options...
Scott7975 Posted January 22, 2022 Share Posted January 22, 2022 3 hours ago, 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 Could you not claim that as a loss and get a deduction then? Might not be worth the time to fill out the extra forms or whatever in the past but if you have to do it anyways... Quote Link to comment Share on other sites More sharing options...
Motorin' Posted January 22, 2022 Share Posted January 22, 2022 (edited) 14 minutes ago, Scott7975 said: Could you not claim that as a loss and get a deduction then? Might not be worth the time to fill out the extra forms or whatever in the past but if you have to do it anyways... Probably wasn't worth the time in the past, especially if you're not familiar with filing deductions. But now that they're issuing 1099's it is worth the time, imo. Edited January 22, 2022 by Motorin' 1 Quote Link to comment Share on other sites More sharing options...
BillnutinHouston Posted January 22, 2022 Share Posted January 22, 2022 37 minutes ago, PromoTheRobot said: That's not how it works. You are getting income reported to the IRS. Ignoring it doesn't make it go away. No. Filling out their form is a condition of getting paid. Therefore, if I don't fill out their form, I don't get paid, therefore I don't owe any taxes. My point was, I didn't make enough to even bother. Ticketmaster can keep my money. Quote Link to comment Share on other sites More sharing options...
HurlyBurly51 Posted January 22, 2022 Share Posted January 22, 2022 1 hour ago, Ed_Formerly_of_Roch said: Sure the IRS could care less if you call it a business or not. But they do care about money, whether it's made from a business or personal income. All the IRS cares about is following the money and if they see money flowing to you that's income and you need to pay taxes on it. That's all they care about and in today's digital world, it's much easier to follow the money. Did you get a check from Aunt Suzy for Christmas, that's income. If you have a garage sale, that's income that you're supposed to report, but fortunately for many, the IRS isn't able to easily find many things. But now you're dealing with a large company in Ticketmaster and they need to show where the money is flowing to. Also, for any looters or thiefs out there, don't forget you are required by the IRS to report the fair market value of your stolen goods on your income taxes🤣 Quote Link to comment Share on other sites More sharing options...
PromoTheRobot Posted January 22, 2022 Share Posted January 22, 2022 9 minutes ago, BillnutinHouston said: No. Filling out their form is a condition of getting paid. Therefore, if I don't fill out their form, I don't get paid, therefore I don't owe any taxes. My point was, I didn't make enough to even bother. Ticketmaster can keep my money. They only send a 1099 if you grossed over $600. If you didn't hit that then nothing is reported. Quote Link to comment Share on other sites More sharing options...
RobbRiddicksTDLeap Posted January 22, 2022 Share Posted January 22, 2022 3 hours 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. I live in Nassau County out here on Long Island. The one term County Executive who ran on the “pay your fair share” pulpit got run out of office this past election cycle. A few hundred dollars on the sale of tickets for sports events HAS ABSOLUTELY NO IMPACT ON THE ECONOMY. There is no share here that is fair. The money that was used to purchase these tickets (on both ends of the sale) is already post tax. So a person using their post tax income to purchase goods and services, being taxed again is most certainly the federal government overreaching their filthy hands, into the pockets of its citizens. As a person who can afford seasons to more than one team, you should be worried more than anyone that they’ll come for your share too. Quote Link to comment Share on other sites More sharing options...
BillnutinHouston Posted January 22, 2022 Share Posted January 22, 2022 5 minutes ago, PromoTheRobot said: They only send a 1099 if you grossed over $600. If you didn't hit that then nothing is reported. Correct. The problem is this statement from the email they sent - direct quote: "Before we can pay you, we will need to collect your taxpayer information in accordance with applicable laws." So if I don't send my SSN, I don't get paid. Quote Link to comment Share on other sites More sharing options...
Punching Bag Posted January 22, 2022 Share Posted January 22, 2022 1 hour ago, PromoTheRobot said: But I saw a YouTube video That is taxable too. Quote Link to comment Share on other sites More sharing options...
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