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Posted on 12/29/21 at 6:25 pm to tigerbutt
quote:
) IRS will only allow you to write off the $550 and you would pay taxes on the “so called profit” of $2300 if you sold at “cost”
You are over thinking it. No one knows what you actually paid. Hell you can resell tickets you bought for over face value. If you buy tickets from a friend for $500 and sell them online for $1000 what’s the protocol?
If you buy tickets for $500 plus $2300 TAF you could include the TAF donation in guestimation. Heck most games aren’t even the same value right? Most of the time the big games are more face value then the g5 games so your TAF wouldn’t even be an even amount per game?
Posted on 12/29/21 at 6:38 pm to baldona
quote:
You are over thinking it. No one knows what you actually paid. Hell you can resell tickets you bought for over face value. If you buy tickets from a friend for $500 and sell them online for $1000 what’s the protocol?
If you buy tickets for $500 plus $2300 TAF you could include the TAF donation in guestimation. Heck most games aren’t even the same value right? Most of the time the big games are more face value then the g5 games so your TAF wouldn’t even be an even amount per game?
You're either incredibly dumb or being obtuse to the point of fraud
Posted on 12/29/21 at 6:53 pm to danilo
quote:
Have to increase taxes on working folk so we can give out more welfare to the dregs of society
I do not agree with it, particularly at the threshold it is at. I think the previous threshold of $20k and 200 or more transactions was sufficient. Anyone making 200 or more "sales" with an average transaction of $100 or more is, in my mind, clearly running a business.
The one thing I do take issue with is multiple people have called this a new tax or a tax increase, technically it is not it is just cracking down on evasion of taxes that are already owed.
So a more accurate statement would be:
Have to increase compliance of tax payments from working folk so we can give out more welfare to the dregs of society.
Posted on 12/29/21 at 7:02 pm to Jimmy2shoes
frick the gov’t and frick the IRS. The IRS should be totally eliminated.
Posted on 12/29/21 at 7:02 pm to Big Ole Baw
quote:
You're either incredibly dumb or being obtuse to the point of fraud
You are the one literally saying people are over thinking it.
Show me where I’m wrong? If you paid $2800 for season tickets show me where it’s wrong to claim that divided by the number of tickets?
Posted on 12/29/21 at 7:08 pm to Obtuse1
quote:
Have to increase compliance of tax payments from working folk so we can give out more welfare to the dregs of society.
The issue is the gross and net values imo. If places like eBay and stubhub are making it easy to put in the amount you paid then that does 2 things:
1.) makes it valid to avg joes
2.) allows scammers to continue scamming
If I sell $5000 of used personal items once a year on eBay that are all 5 plus years old without receipts, that’s absurd to pay taxes on. It wouldn’t be wrong to say you possibly paid $10,000 for $5000 of current stuff.
Posted on 12/29/21 at 7:35 pm to baldona
quote:
If I sell $5000 of used personal items once a year on eBay that are all 5 plus years old without receipts, that’s absurd to pay taxes on
Why?
quote:
It wouldn’t be wrong to say you possibly paid $10,000 for $5000 of current stuff.
Well then you would owe any taxes that year and you could likely carry the rest of that loss forward, so what are you complaining about?
Posted on 12/29/21 at 7:38 pm to Jimmy2shoes
It seems like you could work this in your favor by becoming an “online seller.” Say I drive a distance to somewhere I may already be going anyway, eat, even spend the night. Buy some things to sell on eBay and keep the receipts. Sell it to pretty much break even or even make a small profit. Reach $600 in sales and get a 1099 from eBay. Deduct the expense of the items, eBay selling fees, 58.5 cents per mile driven, the hotel stay, the meals, and be taxed only on any small profit you’ve made. Decrease your overall taxable income and come out ahead overall. The higher your taxable income (and thus the higher your marginal tax rate) the more you would come out ahead.
This post was edited on 12/29/21 at 7:41 pm
Posted on 12/29/21 at 7:41 pm to BeaumontBengal
quote:
It seems like you could work this in your favor by becoming an “online seller.” Say I drive a distance to somewhere I may already be going anyway, eat, even spend the night. Buy some things to sell on eBay and keep the receipts. Sell it to pretty much break even or even make a small profit. Reach $600 in sales and get a 1099 from eBay. Deduct the expense of the items, 58.5 cents per mile driven, the hotel stay, the meals, and be taxed only on any small profit you’ve made. Decrease you’re overall taxable income and come out ahead overall. The higher your taxable income (and thus the higher your marginal tax rate) the more you would come out ahead.
You likely won't be able to take deductions in excess of your income so you'd just net 0, but you probably can carry the rest of that loss forward to future years, but again, you wouldn't be able to deduct more than any future income.
Posted on 12/29/21 at 7:45 pm to Big Ole Baw
Sounds like a massive headache and more red tape for a worthless corrupt bureaucracy
Posted on 12/29/21 at 7:45 pm to SlowFlowPro
quote:
Selling personal property
Are tickets considered personal property? Do you actually own those seats for life, once purchased? Or are they more akin to winning a prize or award, which a 1099 is also issued for over $600?
Posted on 12/30/21 at 8:19 am to BeaumontBengal
So someone explain this to me. Let’s say I was bought some Star Wars toy as a gift when I was a kid. Kept it in the box all these years.
Go to sell it now and it gets $50k….I’d owe $50k worth of taxes on it?
Go to sell it now and it gets $50k….I’d owe $50k worth of taxes on it?
Posted on 12/30/21 at 8:23 am to Sneaky__Sally
quote:i'm not going to get into the "loophole" conversation but these things have nothing to do with each other
Yes, lets go after those untapped tax funds instead of closing massive corporate tax loopholes and loopholes used by extremely wealthy families.
Posted on 12/30/21 at 8:25 am to WildTchoupitoulas
quote:it's not an increase. it's paying what they are obligated to pay. like people with normal jobs do.
But rather than increase taxes paid by low earners
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