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Ticketmaster sending sellers 1099s


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4 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

But if you’re losing money you dont owe taxes on it. 

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4 hours ago, Bob Chandler's Hands said:

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.

 

The percent gets higher?  The tax cuts a couple years back netted a decrease for most everyone.   Our taxes don’t come close to paying for what is spent.  

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5 hours 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. 


Ebay and other companies that allow people to sell stuff do this but ***** Ticketmaster none the less.

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24 minutes ago, mattynh said:

The percent gets higher?  The tax cuts a couple years back netted a decrease for most everyone.   Our taxes don’t come close to paying for what is spent.  

Agreed!  So act like I do. Spend less than your income. 

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3 hours 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.

 

 

Not quite true but close enough for anybody who isn't self-employed or has a lot of actively managed investments, especially with tax software like TurboTax.  I've  always done my own taxes, and my taxes have been somewhat complicated at times.

 

 

3 hours 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 

 

Well, originally, slavery was meant to be legal and women weren't meant to vote.  Oh, yeah, and all the freedoms we take for granted like freedom of speech and religion weren't meant to be protected either since they weren't in the original Constitution either but exist because of amendments.   The "pristine" original Constitution barely lasted three years.

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1 hour ago, BillnutinHouston said:

 

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.

Gotcha.

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So if they need your info because you sold a ticket and made money does that mean you can write off the tickets just because you purchased them?  Technically if it can be taxed as income it can be written off as loss so therefore you should be able to write off expenses.  So just go ahead and write of you season tickets every year on the chance you might sell one or two games.

Edited by Maine-iac
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6 hours 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 


looks like you are missing other frivolous constitutional arguments you can throw around.   
 

https://www.irs.gov/privacy-disclosure/the-truth-about-frivolous-tax-arguments-section-i-d-to-e

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10 minutes ago, Wags67 said:

This may have already been stated, but 1099 only has to report everything over $600 as income.  The first $599 from any one source is not taxed until it breaks the $600 threshold.

 

It's taxed... just not reported.

 

Not that I am advocating this, but the IRS ain't gonna know what the cost basis of your goods are.  The easiest way to get around this reporting requirement is to report the basis as equal to, or higher than the net proceeds.

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4 minutes ago, Steptide said:

Ya, Yada Yada Yada. I think we can all agree though that we as working individuals are over taxed 

 

I would like to pay less taxes but the US federal taxes are quite low when compared to the rest of the civilized world.   I get your point but we spend way more than we produce in taxes and the rate of debt is accelerating...so you are getting things today that will get paid for (in some way) by a future generation....I think that sucks.

 

Living in New Hampshire we dont have an income tax or sales tax....we also don't have great services and there are small local roads that have not been repaved in 40 years.  Most towns don't have trash pickup and in general there are much less services.

 

https://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally

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1 hour ago, Steptide said:

Ya, Yada Yada Yada. I think we can all agree though that we as working individuals are over taxed 

Compared to who? The US has one of the lowest tax rates of any developed nation.

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January 1, 2022. This means that any seller or fan earning more than $600 annually as a result of a sale, or sales, through any U.S. Ticketmaster marketplace (including Account Manager) is required to complete a 1099 form.

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9 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.

Technically you are supposed to pay taxes on sales over $600 for at least the past 6 years. I know because that is how long I have had NBA seasons and sold at least half. What worries me is that I always able to zero out cost because the ticket sales never amounted to more than cost of season tickets and with the higher scrutiny will they ask what each ticket cost vs individual sale? All under the cover of making Billionaires pay their fair share, so bogus 

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23 minutes ago, klos63 said:

Compared to who? The US has one of the lowest tax rates of any developed nation.

Wasn't comparing to anyone. You can include the world in my statement if you'd like. We're taxed on anything and everything. Don't get me wrong, I believe citizens have to pay their taxes, but to whar extent

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