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re: Stubhub to issue 1099s for sales above $600
Posted on 12/28/21 at 11:28 pm to johnqpublic
Posted on 12/28/21 at 11:28 pm to johnqpublic
quote:
Then I would write off the original price. If you paid $750 and sold them for $750 or less, there should be no tax.
There is no tax owed in that case. Prior to the new changes if you got a 1099-K you would have filed a Schedule C (Profit or Loss From Business) but there may be a new form to handle simple eBay, tickets, and etc sales but I haven't bothered to look.
0
Posted on 12/28/21 at 11:47 pm to Jimmy2shoes
(no message)
This post was edited on 1/12/22 at 7:25 pm
Posted on 12/28/21 at 11:56 pm to Jimmy2shoes
Finna be a shite ton of $599.99 tix yo 
Posted on 12/29/21 at 12:00 am to tigerpimpbot
quote:if you sell a $599.99 ticket and a $2 ticket, you exceed the $600 for the tax calendar year. (If those tickets had $0 face value for the accounting people)
Finna be a shite ton of $599.99 tix yo
This post was edited on 12/29/21 at 12:02 am
Posted on 12/29/21 at 12:02 am to Ryan3232
quote:
f you sell a $599.99 ticket and a $2 ticket, you exceed the $600 for the tax calendar year.
Exactly, it’s the cumulative total above $600.00, not each individual transaction. And it’s not just Stubhub, PayPal will also be sending 1099s once your payments received exceed $600.00.
This post was edited on 12/29/21 at 12:05 am
Posted on 12/29/21 at 12:05 am to EA6B
Venmo is also doing this at the start of the year
Posted on 12/29/21 at 12:32 am to josh336
quote:I use Zelle to send money to my wife to pay the bills from her account. They can stick it up their asses if they want to 1099 that.
Venmo is also doing this at the start of the year
Posted on 12/29/21 at 12:37 am to Jimmy2shoes
quote:why wouldn’t they?
Stubhub to issue 1099s for sales above $600
Posted on 12/29/21 at 12:38 am to josh336
quote:
Venmo is also doing this at the start of the year
So how’s this supposed to work? I know people that use Venmo to pay for splitting bills and shite. So it there are two roommates and one pays rent and the other Venmo’s them are taxes going to need to be paid?
How do they determine what transactions need to get taxed?
Posted on 12/29/21 at 12:54 am to Jimmy2shoes
Is it correct that friends and family payments are excluded?
Posted on 12/29/21 at 1:13 am to Parrish
quote:
Is it correct that friends and family payments are excluded?
Yes, only payments made as Goods and Services are included in 1099-K reporting.
Posted on 12/29/21 at 2:24 am to cable
quote:
The IRS better hire a lot more agents.
Build Back Better proposed legislation includes 100,000 new IRS agents. Thank god for Manchin.
Posted on 12/29/21 at 2:35 am to josh336
quote:
Venmo is also doing this at the start of the year
frick that
Posted on 12/29/21 at 2:56 am to Obtuse1
This is why people hate politicians. They slip something like this into an "American Rescue Plan" without the population knowing about it because the Bills are 3k pages long and no one has time to read the legislation. Then at the last minute, when it is too late, Bam!
I highly doubt the RICH are using Venmo. This is a jab at the Middle Class.
I highly doubt the RICH are using Venmo. This is a jab at the Middle Class.
Posted on 12/29/21 at 3:27 am to Jimmy2shoes
81 million people wanted this.
Posted on 12/29/21 at 4:09 am to Jimmy2shoes
Facebook marketplace FTW
Posted on 12/29/21 at 5:45 am to josh336
quote:
Venmo is also doing this at the start of the year
And zelle and cash app
Brandon
Posted on 12/29/21 at 6:14 am to Obtuse1
quote:
Yes, only payments made as Goods and Services are included in 1099-K reporting.
How will this work with apps like venmo and paypal? Do you just ignore the 1099 you receive from venmo if its for say, fantasy football?
Posted on 12/29/21 at 6:50 am to josh336
This will get interesting because every account is going to require a SSN or TIN linked to it now before transactions are made. They aren’t going to be able to allow you to sell and then give a SSN. So they will be able to track things a lot better to some degrees, like scammers.
Posted on 12/29/21 at 6:57 am to ducktale
quote:
Good. frick everyone who holds tickets just to drive up prices.
There are a million things we don't allow to be resold. Why we allow tickets is fricking beyond me.
It will just be some company that scalps them instead of your neighbor. This fixes nothing about tickets.
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