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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 (gizmodo.com)

submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world

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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.

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[-] gibbedygook@sh.itjust.works 44 points 9 months ago

let's make the threshold $60 instead of $600

[-] Stumblinbear@pawb.social 9 points 9 months ago

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

[-] SevFTW@feddit.de 4 points 9 months ago* (last edited 9 months ago)

anything more than the gas to deliver a ticket is a scam

[-] BrianTheeBiscuiteer@lemmy.world 3 points 9 months ago* (last edited 9 months ago)

I have to report a $1 profit if that's what I got from selling market shares. $60 is way too generous.

[-] lazycouchpotato@lemmy.world 1 points 9 months ago

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.

this post was submitted on 24 Sep 2023

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