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re: The $600 reporting threshold is now required by the IRS. Ticket resellers are not happy!!
Posted on 9/29/23 at 10:33 am to wackatimesthree
Posted on 9/29/23 at 10:33 am to wackatimesthree
quote:
So if the IRS wants to play this game, play it.
Form an LLC and deduct not just the cost of the tickets, but the cost of forming the LLC and any costs related to having it, like your accountant's bill for doing your corporate taxes, your cell phone bill, your internet bill, deduct your computer, a portion of your rent or mortgage since you work this business from home, your gas and/or mileage (I think you have to pick one or the other) on any trips related to tickets and events, tailgate supplies (after all, your tailgaters are your potential customers)...basically any and all expenses you can possibly relate to buying and selling tickets.
Yeah keep operating a "business" with minimal losses every year and see how the IRS responds
Hint: DO NOT DO THIS.
1
Posted on 9/29/23 at 11:06 am to SlowFlowPro
quote:
Yeah keep operating a "business" with minimal losses every year and see how the IRS responds Hint: DO NOT DO THIS.
Yes. Have to watch out for the hobby loss rules.
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