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re: The $600 reporting threshold is now required by the IRS. Ticket resellers are not happy!!
Posted on 9/27/23 at 1:22 pm to wackatimesthree
Posted on 9/27/23 at 1:22 pm to wackatimesthree
So help me on this... I Venmo GF $1200 each month for "rent".
Is that now a taxable event? Is she required to give me a 1099 each month?
Is that now a taxable event? Is she required to give me a 1099 each month?
0
Posted on 9/27/23 at 9:17 pm to Dday63
quote:You need to keep up. Zelle isn't playing this game.
The reporting rule only applies to transactions,not reimbursements or gifts. There is a chance Zelle would send you a 1099-K, but you wouldn't owe taxes on it.
Posted on 9/27/23 at 9:54 pm to LSURussian
quote:
You seem to believe the IRS is going to receive 44 million pieces of paper to process. You're wrong. Again.
You say that I seem to believe. Obviously you have no idea what I believe.
Posted on 9/29/23 at 10:31 am to Diamondawg
quote:
You need to keep up. Zelle isn't playing this game.
Zelle is not a payment processor. It is a transfer service. Venmo and paypal process payments.
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.
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.
Posted on 9/29/23 at 11:12 am to j1897
It’s not about taxes…. It’s about paying taxes multiple times.
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