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Message
IRS 1099K form from Ticketmaster/Stub Hub
Posted on 8/30/22 at 2:20 pm
Posted on 8/30/22 at 2:20 pm
General Question. I have NFL season tickets. Usually go to 3-4 games sell the rest. Was reading that you now get a 1099K form as income for over $600.
Anyone experience this? Probably not as it's new I think.
Point being, if you buy $1000 in tickets, sell for $1500, does the $1500 seriously get reported as income on your taxes? This is crazy if so.
Anyone experience this? Probably not as it's new I think.
Point being, if you buy $1000 in tickets, sell for $1500, does the $1500 seriously get reported as income on your taxes? This is crazy if so.
2
Posted on 8/30/22 at 2:24 pm to ChunkyLover54
Sounds right. I do believe you're claiming only on the profited amount however. In your example $500.
Posted on 8/30/22 at 2:26 pm to WhoGeaux
I think so too. I don't see it as necessarily and income source, but this is a bit of a game changer. I split the tickets with my brother out of state. I guess we need to fedex cash from now on and meet people in parking lots. nice
Posted on 8/30/22 at 2:42 pm to ChunkyLover54
Yeah my perspective is this opens up the ability to setup an entity and write off expenses associated with the tickets and selling the. This can help level off any "profits" you may experience.
Posted on 8/30/22 at 2:57 pm to ChunkyLover54
Sounds right. Any company is technically required to send 1099's to individuals who they pay any amounts over $600. To the individuals getting the 1099's, it's just an informational form for revenue received by them. It's not a statement of taxable income like a W-2.
Posted on 8/30/22 at 3:10 pm to im4tigers
That's just ONE of the things the dims/bidens new 85,000 armed irs agents will be 'focusing' on ! Just consider the virtually unlimited 'power' the govt' will have over the un-washed rank and file tax-payers ! If the slide to the left continues we are in for some dark days my friends !
Posted on 8/30/22 at 3:53 pm to tickfawtiger
It’s a great feeling knowing my tax dollars are going to Ukraine (then back to congressmen’s pockets) instead of worthy Americans.
Posted on 8/30/22 at 7:54 pm to tickfawtiger
Right. Me trying to get my money back or make a few hundred bucks a year is wrong. I’m one of the evil billionaires
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