IRS surveying sales of tickets on StubHub

[Great Plains Gopher]

If you sell tickets on StubHub and realize more than $600 in a year, you have to file with the IRS via StubHub.

 

[fmlizard]

Good luck finding anything here all my resales went for below face. They owe me for my losses!

 

[Gopher_In_NYC]

If you sell tickets on StubHub and realize more than $600 in a year, you have to file with the IRS via StubHub.

Is that self reporting?
Or is It the IRS forcing them to make the seller do so?

 

[Goldmember]

People are making money selling through StubHub? How?!?

 

[Word]

In the last 2 years eBay (and similar sites) also requires your SSN to sell. So I quit selling (not worth giving my SSN to eBay for selling a cell phone once a year). But I guess if the IRS is closing loopholes, that's a good thing.

Like fmlizard, I can vouch I am definitely in the negative overall for lifetime sales on StubHub.

 

[Nax5]

People are making money selling through StubHub? How?!?

Scalpers. They have flourished in the pandemic

 

[fmlizard]

If you sell tickets on StubHub and realize more than $600 in a year, you have to file with the IRS via StubHub.

Ok, then I'm declaring my Gophers tickets and "donation" as a business expense if we're going to play that game.

 

[rowdaboat]

Ok, then I'm declaring my Gophers tickets and "donation" as a business expense if we're going to play that game.

COGS - cost of goods sold

 

[A_Slab_of_Bacon]

Ok, then I'm declaring my Gophers tickets and "donation" as a business expense if we're going to play that game.

I tried declaring myself a charity, later a non-human being of pure energy.

My attorney told me not to do that anymore…

 

[gopherphil]

 

[Great Plains Gopher]

Is that self reporting?
Or is It the IRS forcing them to make the seller do so?

They are forcing StubHub to require SS numbers or tax ID numbers from those who gain more than $600 from sales.

 

[Great Plains Gopher]

People are making money selling through StubHub? How?!?

Very rarely does anyone make more than they paid for their tickets - so there should be no tax collection...

 

[Wally]

This is due to the Venmo rule. I guess some pretty big companies were doing all their business over Venmo and paying their employees over Venmo and not paying any tax. Thats what my accountant told me.

 

[hello-world]

Great to see the IRS going after the big guys like teenagers buying bitcoin and boomers selling football tickets. Scum of our society, those folks are.

 

[GringaGopher]

Great to see the IRS going after the big guys like teenagers buying bitcoin and boomers selling football tickets. Scum of our society, those folks are.

Exactly. I just got my notification today. I have " lost " , donated and given away many more tickets than I was ever paid for them. Hard to understand why the IRS can't raise that ceiling and go after folks who are making big bucks.

 

[Vandy]

Ok, then I'm declaring my Gophers tickets and "donation" as a business expense if we're going to play that game.

Don't forget to write off any household pets as "livestock".

 

[Word]

Don't forget to write off any household pets as "livestock".

I thought they were dependents?

 

[WAGopher]

Exactly. I just got my notification today. I have " lost " , donated and given away many more tickets than I was ever paid for them. Hard to understand why the IRS can't raise that ceiling and go after folks who are making big bucks.

Yes, the simple fix is to raise the $600 to at least $1,000.00, or a little more.

 

[A_Slab_of_Bacon]

Yes, the simple fix is to raise the $600 to at least $1,000.00, or a little more.

Pretty sure that is law that would require congress.

 

[howeda7]

This isn't surprising. They're pretty much requiring businesses to report everything over $600 now. As long as you have the basis for what you paid, there's no big issue.

 

[fmlizard]

Yes, my cat is blind and eligible for the Railroad Retirement Fund

 

[WAGopher]

Pretty sure that is law that would require congress.

You are correct. The IRS doesn’t set the limit.

 

[hungan1]

Scalpers beware! Uncle Sam wants to collect their shares of your scalps.

 

[Cedar Rapids Gopher]

I buy and sell stocks Uncle Sam gets 15% of my profits.

 

[Pompous Elitist]

Will gig workers, contractors, and private citizens just use cash transactions if tax cost exceeds convenience, or does the IRS have new access to bank account transactions and balances as well?

The cost outlay to recover a pittance seems like a net negative but perhaps the idea is to make an example of a lucky few and hope for the best. Meanwhile…

Edit: hmm, interesting

 

[HitMeAgainIAmStillMoving]

Yes, my cat is blind and eligible for the Railroad Retirement Fund

Is he 65?

 

[Ogee Ogilthorpe]

Scalpers beware! Uncle Sam wants to collect their shares of your scalps.

Not surprising at all. A continued effort to stifle anyone from making money other than big corporations. The ongoing war against small business or anyone similar wages on...

 

[WAGopher]

Not surprising at all. A continued effort to stifle anyone from making money other than big corporations. The ongoing war against small business or anyone similar wages on...

What’s stifling about that? You make money, pay your taxes, and all is good.

Of course there should be reasonable and fair tax rates.

 

[Some guy]

Great to see the IRS going after the big guys like teenagers buying bitcoin and boomers selling football tickets. Scum of our society, those folks are.

True. We should increase funding to the IRS so they have the resources to go after the big fish.

 

[50PoundHead]

Yes, the simple fix is to raise the $600 to at least $1,000.00, or a little more.

I believe $600 is the amount where a 1099 has to be issued for contract work (or at least it used to be that when I did some low-level consulting). That was a number of years ago and I'm a little surprised it hasn't been adjusted upward (if that is indeed the case).