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re: Stubhub to issue 1099s for sales above $600
Posted on 12/29/21 at 6:59 am to Bumble Bee
Posted on 12/29/21 at 6:59 am to Bumble Bee
quote:
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!
No new taxes on people making less than $400,000 my arse.
0
Posted on 12/29/21 at 7:27 am to AndyCBR
quote:
Sounds nifty but the onus is going to be on you to prove that you have no tax liability.
This is going to create a lot of paperwork for people selling their own personal property.
I got the warning a few days ago on FB when I went to check the status of my bluray LOTR trilogy I had on sale for $30.
Posted on 12/29/21 at 7:28 am to Joshjrn
quote:
All of you “stop breaking the law, a-hole” assholes seem to break the law a lot…
Many (most?) of these sales are non-taxable b/c they involve selling personal property at a loss. The majority of people who will be hit by this new reg are just trying to sell old shite.
Posted on 12/29/21 at 7:30 am to tylercsbn9
quote:
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?
I think there are going to be a lot of people who don't track these things who are going to be gouged on taxes they shouldn't owe.
I am assuming that the IRS/gov will presume this is income and you have to prove it's not. Will be a nightmare for millions.
Posted on 12/29/21 at 7:38 am to fallguy_1978
quote:
I'm sure you declared every online purchase before websites started charging sales tax
I’m not a stop breaking the law a-hole, a-hole. So whether I did or not, officer, is irrelevant
Posted on 12/29/21 at 7:40 am to Joshjrn
This puts the nail in my decision to not renew my LSU football tickets.
Not worth the record keeping hassle when I sell for a game I wouldn’t be able to attend.
Not worth the record keeping hassle when I sell for a game I wouldn’t be able to attend.
Posted on 12/29/21 at 8:41 am to GreatLakesTiger24
quote:
ETA - they should go after waiters, bartenders, and other cash tip professions too
Why do you think they want to get rid of cash and go to a digital currency? Why do you think they want to get a look at your bank account? So they can see how money actually goes in and out of it.
Posted on 12/29/21 at 8:45 am to ducktale
quote:
ducktale
Are you retarded? Because that post was retarded.
Posted on 12/29/21 at 8:53 am to Jimmy2shoes
This information will be reported on the 1099 NEC as "non employee compensation." The positive side is that any expenses associated with the sale of these tickets is a reduction of income. This means you can deduct any mileage, cellphone and internet expenses, postage costs, etc., from this income. So the IRS is going to see a lot of Schedule C's with $600 of income, but $2000 worth of expenses thus showing a business LOSS of $1400. The IRS just gave ticket scalpers a gift and don't even know it.
Schedule C
Schedule C
This post was edited on 12/29/21 at 11:47 am
Posted on 12/29/21 at 8:59 am to GreatLakesTiger24
quote:
they should go after waiters, bartenders, and other cash tip professions too
They do. You are supposed to enter that on your taxes.
Posted on 12/29/21 at 9:01 am to jscrims
Yes, except, frick the government
Posted on 12/29/21 at 9:16 am to Jimmy2shoes
This just means scalpers go back to standing outside the stadium
Posted on 12/29/21 at 9:21 am to GreatLakesTiger24
quote:
Good
ETA - they should go after waiters, bartenders, and other cash tip professions too
Yes, lets go after those untapped tax funds instead of closing massive corporate tax loopholes and loopholes used by extremely wealthy families.
Posted on 12/29/21 at 9:21 am to AndyCBR
quote:
the onus is going to be on you to prove that you have no tax liability.
Yeah, thats kinda how the whole tax thingy works. I list my income, then I chip away at that by claiming my deductions and credits
If they dont agree, they audit me
This is no different
Posted on 12/29/21 at 9:23 am to Sneaky__Sally
It’s just gonna shift even more people to take cash only. And new means of doing low level transactions. Will inconvenience a lot of people who use the apps to move money where it needs to go quickly.
God I hate these hoogoos more every day
God I hate these hoogoos more every day
Posted on 12/29/21 at 9:24 am to fr33manator
Yep, complete nonsense.
Posted on 12/29/21 at 9:24 am to RobbBobb
But often this isn't income. Selling personal property at a loss isn't income.
Posted on 12/29/21 at 9:28 am to SlowFlowPro
As much as this sux (and it does) keep in mind its only the profit you make, if you have LSU tix and pay a Tradition Fund fee (as most of us do) that goes into the cost. Also stubhub started asking you to input your cost early this year.
Does anyone know if Ticketmaster is doing the same? I assume yes
Does anyone know if Ticketmaster is doing the same? I assume yes
Posted on 12/29/21 at 9:30 am to secfballfan
quote:
As much as this sux (and it does) keep in mind its only the profit you make
The problems are going to be more administrative/bureaucratic for normal people, especially people who don't keep track.
Posted on 12/29/21 at 9:33 am to SlowFlowPro
Right? What if I’m just loaning someone some money to cover a bill until they get paid, or paying back a loan, or really anything.
So now I have to deal with a headache and red tape and some goddamn bureaucrat?
Before, let’s say your kid is on vacation and loses their wallet or something. Needs money to rent a car, whatever
You could send money instantly Through one of the apps. Bam, done, crisis averted. Whether they paid it back or not, not really a big deal because it was just between you and the concerned party.
But now? So not only is it gonna summon some bean counter that you sent someone $700, but if they try to pay you back you’ll be called before the tribunal for that too.
There is no scum like government scum
So now I have to deal with a headache and red tape and some goddamn bureaucrat?
Before, let’s say your kid is on vacation and loses their wallet or something. Needs money to rent a car, whatever
You could send money instantly Through one of the apps. Bam, done, crisis averted. Whether they paid it back or not, not really a big deal because it was just between you and the concerned party.
But now? So not only is it gonna summon some bean counter that you sent someone $700, but if they try to pay you back you’ll be called before the tribunal for that too.
There is no scum like government scum
This post was edited on 12/29/21 at 9:42 am
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