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Started By
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re: Stubhub to issue 1099s for sales above $600
Posted on 12/29/21 at 9:34 am to SlowFlowPro
Posted on 12/29/21 at 9:34 am to SlowFlowPro
This is ridiculous policy, but a lot of you are making this something it's not.
1
Posted on 12/29/21 at 9:34 am to Jimmy2shoes
Sorry for hijack here. How do brokers even get access to some of these tickets? For instance, B1G Championship game, each team got like 11,000 tickets. That leaves about 50,000 out there. If sponsors get them and resell, OK, I get that. But, they don't literally command all 50,000, do they? I didn't even try for the Orange Bowl because I was reading things that brokers weren't even going to release a lot of the tickets until last week or so.
This post was edited on 12/29/21 at 9:36 am
Posted on 12/29/21 at 9:36 am to GreatLakesTiger24
quote:
they should go after waiters, bartenders, and other cash tip professions too
Yep, soak the poor! After all, that's where the money is, amirite?
Oh, wait...
Posted on 12/29/21 at 9:38 am to Big Ole Baw
quote:Well then, can you clarify what it is specifically?
This is ridiculous policy, but a lot of you are making this something it's not.
Posted on 12/29/21 at 9:38 am to Jimmy2shoes
quote:
Stubhub to issue 1099s for sales above $600
Jokes on them - I'm a Pelicans season ticket holder. I'll never turn a profit.
Posted on 12/29/21 at 9:39 am to WildTchoupitoulas
quote:
Yep, soak the poor! After all, that's where the money is, amirite?
Oh, wait...
Should people pay their appropriate tax liability or not? We can argue until we're blue in the face what that liability should be, but the laws right now are the laws right now. Why do they get to not pay and I do?
Posted on 12/29/21 at 9:44 am to Big Ole Baw
quote:
Why do they get to not pay and I do?
I don't know. I just think it's petty to go after nickels and dimes.
If you're a nickel and dime earner, I could see how you might be upset. But rather than increase taxes paid by low earners, I would rather increase taxes on higher earners.
But the fact is that we don't need for the FedGov to get any more money than they already take.
Posted on 12/29/21 at 9:44 am to MOT
quote:
Well then, can you clarify what it is specifically?
99.99% of these 1099's that are issued are never going to be examined by the IRS.
Is it a pain in the arse for guys like Antique Tiger that have a lot of volume and don't have good cost basis on what's essentially a hobby? Yes, but that income under the current law is and has been taxable and he should have been reporting it the whole time.
For the overwhelming majority that may resale a couple of items a year this is a nonissue, even if you are 1099'd, and these facilitators are going to update your systems to help you. Stubhub (I think) has already added space for you to enter your cost when selling to have your profit calculated for you.
If this is fricking over anyone, it's the facilitators and market places that have been burdened with an insane administrative process. It's going to be very, very expensive.
Posted on 12/29/21 at 9:45 am to Big Ole Baw
How do brokers even get access to some of these tickets?
Bots....
Bots....
Posted on 12/29/21 at 9:51 am to Big Ole Baw
quote:
Yes, but that income under the current law is and has been taxable and he should have been reporting it the whole time.
Why, exactly? What right does the government have to our labor? These items were sold in stores and they got their blood money then. How on earth do you justify them squeezing the little guys multiple times in the secondary market now?
Anyone who supports this crap has some tarnish on their soul
Posted on 12/29/21 at 9:54 am to dbeck
Yeah
Most won’t report that
Most won’t report that
Posted on 12/29/21 at 9:56 am to fr33manator
quote:
Why, exactly? What right does the government have to our labor? These items were sold in stores and they got their blood money then. How on earth do you justify them squeezing the little guys multiple times in the secondary market now?
Your philosophical thoughts on what should and should be taxable and the current tax law are two totally different things.
We probably agree on a lot of what we think taxes should be, but that doesnt mean a damn thing when the tax man comes knocking. You can be a concious objector to paying your taxes if you'd like, but I'm going to go ahead and pay mine.
Posted on 12/29/21 at 9:59 am to Sheep
You might not turn a profit but will still get a 1099 if you sell over 600. You will still have to have records of your costs.
Posted on 12/29/21 at 10:04 am to WildTchoupitoulas
quote:
Yep, soak the poor! After all, that's where the money is, amirite?
The rich pay enough
Posted on 12/29/21 at 10:33 am to Jones
quote:
The rich pay enough
You think wait staff don't?
Posted on 12/29/21 at 10:33 am to josh336
quote:
Venmo is also doing this at the start of the year
PayPal owns Venmo
big brother will do whatever they have to do in order to take your hard earned money
Posted on 12/29/21 at 10:54 am to deltaland
Yep. 
Posted on 12/29/21 at 11:00 am to dbeck
quote:
Found the a-hole scalper.
please scalper is a racist slur that manchildren use when they cant get their PS5 in time.
This post was edited on 12/29/21 at 11:01 am
Posted on 12/29/21 at 11:05 am to Jimmy2shoes
frick the government getting any more dollars.
Seriously, the entire nation should just stop paying fricking taxes. We revolted over a 6% tax.
Seriously, the entire nation should just stop paying fricking taxes. We revolted over a 6% tax.
Posted on 12/29/21 at 11:07 am to grizzlylongcut
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