If you resold Taylor Swift Eras Tour tickets, the IRS is watching — A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty
If you resold Taylor Swift Eras Tour tickets, the IRS is watching — A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty
A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.
If you resold Taylor Swift Eras Tour tickets, the IRS is watching — A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty::A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.
Somehow I doubt this will affect Ticketmaster, the biggest scalper of all
But fuck fixing taxes to make billionaires and churches pay taxes.. eat the people as they say.
If you resell tickets for 600$ in profit, you’re not “the people”, you’re a scalper and I have no sympathy for you. This is a good rule.
Fuck scalpers
The IRS doesn't care if you do crime or are exploitative or are morally bad
They just want their cut
Edit: grammar
The IRS will report a crime if they suspect one, but they don’t make the laws. You’re barking off the wrong tree if you think they should be the moral authority.
Edit: grammer
Edit2: grammar
You're saying that if they suspect someone of profiting off of let's say, human trafficking, they'd just ask for the taxes and not report the violation?
No, its still a crime to do a crime, but if you profit from your crime and dont report it, its now a double crime! All sarcasm asside, this is what the feds used to nab Al Capone. It also makes it easier for the feds to seize things that may or should have been owed. Remember, even the Joker pays his taxes.
let's make the threshold $60 instead of $600
Do you even know what the IRS is doing here? If an individual makes more than 600 in profit on anything they have to report it and pay taxes. If you lower that to 60 that would just be incredibly annoying for the majority of people to deal with on a daily basis
I have to report a $1 profit if that's what I got from selling market shares. $60 is way too generous.
$6
anything more than the gas to deliver a ticket is a scam
I understand wanting to go after scalpers, but the $600 limit isn't specifically for ticket reselling websites - it includes transactions not categorized under "Friends and Family" on places like PayPal as well.
I use various cashback websites who pay out via PayPal and I'm starting to get close to the limit. As soon as I cross it, I either have to give PayPal my SSN or have 24% withheld by the IRS.
If a friend accidentally sends me money via "Goods and Services" instead of "Friends and Family" on PayPal and puts me over the threshold, I'm the one in trouble.
Fuck scalpers, but I refuse to look at the $600 tax rule as anything other than a way for the government to squeeze money from and spy more on the common people.
Edit: to clarify I'm not rooting for the scalpers, I just don't want this governmental overreach to be put in a positive light just because its also affecting people we rightfully hate.
For those that don't know. The $600 tax rule is a requirement that Zelle, Venmo, etc must report transactions over $600 to the government so they can be taxed. Get a $600 graduation gift from grandma? Taxed. Get $1000 from your roommates to pay rent? You now have to document and show that so its not taxed. Sell a bike (that you ALREADY paid sales tax on using money you ALREADY paid income tax on) for $800, would you look at that its going on the tax form.
Why? Isn't the person selling the tickets for a $600 profit there one squeezing money from the common people?
If corporations paid the way they should the country would be in a lot less money issues than it is.
Here in the UK it's often talked about and people get angry about Bob the builder doing cash only work and not paying his taxes. Just another plan from the government and media to cause in fighting rather than look at the real issue, big corps.
But also fuck scalpers so I'm torn.
It's not just transactions. $600 is the lower limit on taxable income. I used to do food delivery and if you make under $600 for the year it's not reported and not taxable. You're supposed to report any income over $600.
Scalpers are predators, and captive markets like Ticketmaster give them a hunting ground.
By design. If it weren't easy for scalpers and bots to scoop tickets in the first seconds they're on sale, tours and venues wouldn't be assured their sales are met. Then bot resellers start the actual sale, where the scalpers come in...you, the attendee likely getting sloppy 4ths.
Wait, someone paid more than $600 for a fucking concert?
Yes and often times way more than that. I checked prices for a Tool concert at a venue near me a few weeks ago and the section closest to the stage had tickets reselling for thousands of dollars. Obligatory fuck Ticketmaster...
They could have sold multiple tickets
Ah good point, that makes more sense.
Well as per article yes, but 600$ is the reporting limit. If Ticketmaster, stubhub and so on has a reseller account with sales income of more than 600$ per year, they have to file it to IRS. Whether its single sale or thousands of separate small sales doesn't matter.
Completely normal tax procedure. Pretty much all big such platforms of various fields stock exchanges, commodity markets etc. have such obligation ledges on them for avoidance of tax evasion.
Nor as second note is anyone being "punished". Punishing is what happens on breaking law. This is business taxes, you make profits selling stuff, income taxes start applying. Normal cost of doing business in society for the services society provides (national military keeps the Mongol horde from wrecking your business and so on, transport atluthority builds roads to run business trucks on so the music tour entourage can get to the arena, so one can sell tickets to that conce for profit and son on).
This was me a couple years ago but apparently scalpers resell tickets for THOUSANDS. My SO managed to snag a few for their MSRP which is reasonable but they sell out instantly and apparently there's a market for them at those highly scalped prices. I don't agree with it but 🤷♂️
I mean, technically there's no new tax or anything here, they're just forcing companies to report the income so people can't get away with not paying their taxes on the profit. Now if only they'd enforce the tax laws on rich people, they'd easily make way more than this whole scheme will make by targeting a single billionaire.
Scalpers are absolutely the worst.
I pay my taxes and you should, too. I have no sympathy in general for people not reporting income from PayPal etc, but I'm struggling to think of a less sympathetic subgroup of tax frauds than ticket scalpers. They're not getting special treatment here, it's any 1099 income via the payment apps, but I really wish that wasn't the case. These crooks should be taxed out of business.
Punishment? Huh, didn't know the tax man doesn't want me to make money.
Do you even know what the IRS is doing here? They aren't punishing anyone. This is them literally making sure people pay the proper taxes on the profit.
Did... did you read the title?..
Wtf! People actually pay top $ for this? Fucking stupid 9-5s !! Just my 2 cent: 9-5 aka regulars are really important for the economy , without them the economy will crash but also 9-5s are not important because paying them living wage or paying them more can actually shift the balance of power.
Bro what
Lol the concept is really deep.
modern problems, modern solutions
Fuck the IRS, use monero. Or implement the single tax and disband the IRS. we all know that ~30+% of our money goes to taxes and that if you file incorrect you will go to jail. Just tax all purchases at 20% and be done with income tax, etc