Einstein Posted January 22, 2022 Share Posted January 22, 2022 52 minutes 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. Hate to break it to you, but your SS number is already all over the dark web. 1 Quote Link to comment Share on other sites More sharing options...
ddaryl Posted January 22, 2022 Share Posted January 22, 2022 Reality is there are lots of people making good profits from resales who are not paying their taxes on these profitable ventures. Yes it does suck that a regular person who rarely sells a ticket has to deal with this but there are too many milking the system. 2 Quote Link to comment Share on other sites More sharing options...
TheFunPolice Posted January 22, 2022 Share Posted January 22, 2022 Income taxes are already way too complicated. Just abolish then and do a national sales tax on anything over $100. The fact that there is an entire industry around tax returns shows how ridiculous it is. The cynical part of me thinks they keep making taxes more and more complicated so that they have something over you if needed. Think about it... The typical citizen has to be told that coffee is hot and not to eat Tide Pods. 1 Quote Link to comment Share on other sites More sharing options...
Einstein Posted January 22, 2022 Share Posted January 22, 2022 1 minute ago, TheFunPolice said: Income taxes are already way too complicated. Just abolish then and do a national sales tax on anything over $100. The fact that there is an entire industry around tax returns shows how ridiculous it is. The cynical part of me thinks they keep making taxes more and more complicated so that they have something over you if needed. Think about it... The typical citizen has to be told that coffee is hot and not to eat Tide Pods. A national sales tax would in no way make up for income tax. I am very open to a national flat tax though. Quote Link to comment Share on other sites More sharing options...
TheFunPolice Posted January 22, 2022 Share Posted January 22, 2022 Just now, Einstein said: A national sales tax would in no way make up for income tax. I am very open to a national flat tax though. Whatever makes it simpler. The current system is way too complicated. Most people have no idea about Venmo being taxable yet. There will be a freakout once it becomes common knowledge. 1 Quote Link to comment Share on other sites More sharing options...
klos63 Posted January 22, 2022 Share Posted January 22, 2022 4 minutes ago, TheFunPolice said: Income taxes are already way too complicated. Just abolish then and do a national sales tax on anything over $100. The fact that there is an entire industry around tax returns shows how ridiculous it is. The cynical part of me thinks they keep making taxes more and more complicated so that they have something over you if needed. Think about it... The typical citizen has to be told that coffee is hot and not to eat Tide Pods. The typical citizen doesn't need to be told this. Quote Link to comment Share on other sites More sharing options...
Steptide Posted January 22, 2022 Share Posted January 22, 2022 Ooo Ya, govern me more daddy 3 Quote Link to comment Share on other sites More sharing options...
klos63 Posted January 22, 2022 Share Posted January 22, 2022 1 minute ago, TheFunPolice said: Whatever makes it simpler. The current system is way too complicated. Most people have no idea about Venmo being taxable yet. There will be a freakout once it becomes common knowledge. It's only complicated for the wealthy. The majority of taxpayers can fill out their tax return in about an hour at most. All income is taxable, always has been. If people really had no idea, that's on them. I'm no fan of paying taxes like anyone else, but I try to know the rules. It's not that hard to keep up. Venmo in itself isn't taxable, but if you earn income using Venmo, that income is taxable. Venmo will need to report, just like any other business does. 1 1 Quote Link to comment Share on other sites More sharing options...
Steptide Posted January 22, 2022 Share Posted January 22, 2022 (edited) 3 minutes ago, klos63 said: It's only complicated for the wealthy. The majority of taxpayers can fill out their tax return in about an hour at most. All income is taxable, always has been. If people really had no idea, that's on them. I'm no fan of paying taxes like anyone else, but I try to know the rules. It's not that hard to keep up. Venmo in itself isn't taxable, but if you earn income using Venmo, that income is taxable. Venmo will need to report, just like any other business does. Thing is, income ISN'T supposed to be taxed. 16th ammendment. However that has just conveniently been over looked for eternity now. Edit - I should clarify a little. Only since early 1900s did the government tax income. Technically though, income was never meant to be taxed Edited January 22, 2022 by Steptide Quote Link to comment Share on other sites More sharing options...
Southern_Bills Posted January 22, 2022 Share Posted January 22, 2022 For the record if you just sell them to recoup your money they can't tax you on zero profit. Actually if they force you into pretending to be a business you could claim mileage incurred as a business (standard deduction of .52 cents a mile), home office deduction, probably a few more things. 11 minutes ago, Steptide said: Thing is, income ISN'T supposed to be taxed. 16th ammendment. However that has just conveniently been over looked for eternity now. Edit - I should clarify a little. Only since early 1900s did the government tax income. Technically though, income was never meant to be taxed It's a government loophole, it isn't a law but you can go to jail for evading your responsibility 😉 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, Southern_Bills said: For the record if you just sell them to recoup your money they can't tax you on zero profit. Actually if they force you into pretending to be a business you could claim mileage incurred as a business (standard deduction of .52 cents a mile), home office deduction, probably a few more things. That's what I'm saying. Could end up reducing your taxes overall. Quote Link to comment Share on other sites More sharing options...
RiotAct Posted January 22, 2022 Share Posted January 22, 2022 7 minutes ago, Southern_Bills said: For the record if you just sell them to recoup your money they can't tax you on zero profit. right… but the thing is, the onus is technically on the average citizen now to keep REALLY good records so they can show their cost basis and all that crap. Gonna be a lot of people just taking a wild-ass guess on their tax returns now as far as what their overall profit margin was. Quote Link to comment Share on other sites More sharing options...
1stgm1993 Posted January 22, 2022 Share Posted January 22, 2022 It is going to be the same or ebay paypal facebook marketplace etc If during a given year or go over the threshold of $600 - a 1099-k will be issued starting in 2022. "Starting on Jan 1, 2022, eBay and other marketplaces are required by the IRS to issue a Form 1099-K for all sellers who receive $600 or more in sales. The new tax reporting requirement will impact your 2022 sales and taxes that you file in 2023—it will not apply to your 2021 sales and taxes that you file in 2022." The fun part is going to be when you sell ebay etc and paid by paypal you may get 2 1099-K both for the same transactions so you will need to prove it. Quote Link to comment Share on other sites More sharing options...
Motorin' Posted January 22, 2022 Share Posted January 22, 2022 10 minutes ago, RiotAct said: right… but the thing is, the onus is technically on the average citizen now to keep REALLY good records so they can show their cost basis and all that crap. Gonna be a lot of people just taking a wild-ass guess on their tax returns now as far as what their overall profit margin was. Idk man, it's pretty easy to look at your Invoice on how much you paid. It's literally given to you by Ticketmaster or Stubhub. For season Tix it a single purchase. Subtract the 1099 amount and you have profit or loss. Quote Link to comment Share on other sites More sharing options...
Just Jack Posted January 22, 2022 Share Posted January 22, 2022 (edited) 1 hour ago, K-No said: 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. If you get printed tickets from the ticket office, the price will be on there. I did this for a couple games this year I gave to family members, because it was easier to hand them a ticket than deal with apps and cell phones. Or, take your full price for the season and divide by 10. That'll be your price per game. 51 minutes ago, Einstein said: A national sales tax would in no way make up for income tax. I am very open to a national flat tax though. Start at a 10% flat income tax. Can be raised each year if needed, but only .5% a year, until it reaches 20%. It can be lowered by any amount though. Edited January 22, 2022 by Just Jack Quote Link to comment Share on other sites More sharing options...
RiotAct Posted January 22, 2022 Share Posted January 22, 2022 10 minutes ago, Motorin' said: Idk man, it's pretty easy to look at your Invoice on how much you paid. It's literally given to you by Ticketmaster or Stubhub. For season Tix it a single purchase. Subtract the 1099 amount and you have profit or loss. sure, for that nice and neat scenario. What if you’re like me and sell items on eBay (that you bought 6-12 years ago) order to fund your hobby? (ie, NOT a business) Quote Link to comment Share on other sites More sharing options...
MJS Posted January 22, 2022 Share Posted January 22, 2022 (edited) I think the bad thing about this is them withholding your payout unless you provide them your social security number. If they need your social to send the 1099, they need to require that up front before any transaction or before you use their service. Edited January 22, 2022 by MJS 1 5 Quote Link to comment Share on other sites More sharing options...
Southern_Bills Posted January 22, 2022 Share Posted January 22, 2022 28 minutes ago, RiotAct said: right… but the thing is, the onus is technically on the average citizen now to keep REALLY good records so they can show their cost basis and all that crap. Gonna be a lot of people just taking a wild-ass guess on their tax returns now as far as what their overall profit margin was. I agree, I have an accountant, but I also run a business. The average citizen shouldn't have to worry about tax laws all the time. If you make 50 bucks off of a game ticket resale the irs really shouldn't care. 1 Quote Link to comment Share on other sites More sharing options...
Motorin' Posted January 22, 2022 Share Posted January 22, 2022 7 minutes ago, RiotAct said: sure, for that nice and neat scenario. What if you’re like me and sell items on eBay (that you bought 6-12 years ago) order to fund your hobby? (ie, NOT a business) I see how that could get complicated if you're selling lots of things per year. Still do that have to pay taxes on items you sell for less than you bought it for. https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html#m22_tb_a1__4 Quote Link to comment Share on other sites More sharing options...
1stgm1993 Posted January 22, 2022 Share Posted January 22, 2022 9 minutes ago, RiotAct said: sure, for that nice and neat scenario. What if you’re like me and sell items on eBay (that you bought 6-12 years ago) order to fund your hobby? (ie, NOT a business) See my post. Basically it the same you just need to know what you paid for it so when you sell it you claim it. If held as investment / collectible trading cards etc report sale on sch D for sell and cost. Quote Link to comment Share on other sites More sharing options...
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