Question about selling tickets in the account manager via Ticketmaster. I've bought them before but have never sold them. I sold two for less than $100 and don't plan to do this again. They won't release the $ to me unless I submit a 1099-k form. It states that if I sell over $600, they will need to fill out the form. In the FAQ I read they are asking for a TIN Tax identification number and my SS #. Are they kidding me? This is crazy. There's no way I'm going to do this for the small value I just sold my tickets for. Anyone else deal with this?
SHU Account Manager with Ticketmaster
- Thread starter Bluebeard
- Start date
Yup - most sites that you sell on are requiring this now. eBay is another one. Lovely government we have.
You can thank our great representatives in DC for this change. It is due to the so-called "stimulus" bill of 2021.
Reminder: Service providers, others may receive 1099-Ks for sales over $600 in early 2023 | Internal Revenue Service
IR-2022-189, October 24, 2022 — The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network...
Yep had the same thing when I sold Big East tourney tickets last year. Took me 3 months, and a better Business bureau complaint to get my money
and I DID complete their forms!
My problem with this system is not that they are trying to collect taxes due from those who make a living out of this, but rather that Ticketmaster already knows what I purchased the tickets for and how much I sold them for . They know the net profits are ZERO. So if that information is already in their system why do we need all this paperwork just to get my money back?
TK
TK
Thanks Brandon!
Is there any way to just “give” your tickets to someone and collect the money through other means?
I just went through this for the Monmouth game. I had to sell one of my tickets and they made me fill out the form. I reluctantly filled it out because what other choice did I really have? Today is day 6 since the ticket was sold and I still don’t have the money in my bank account. They state that it will be there within 5-7 days. The clock is ticking…
wait until they hire another 87k IRS agents and we will receive this treatment in all aspects of life.
I did this for concert tickets a few months back, just sent the tickets to my friend on Ticketmaster and she sent the money through PayPal. ALWAYS mark it as “friends and family” never goods and services, because then PayPal will do the same thing with 1099s. The kicker is they’re doing this with all the money transfer websites…except Zelle. Zelle is owned by a consortium of the major banks, so of course they carved out an exception for themselves. Cash is still king.
You could barter for a half tank of gas
Our government has always wanted to dip into pockets and now they have the technology and means to do it more successfully. Has nothing to do with what "team" you support, but I suppose everyone wants to draw a line in the sand now.
Very difficult task, easier said than done. Accounting industry has been in a labor shortage for a long time. The IRS isn't suddenly swooping in and hiring all of these candidates with their mediocre salaries.
How would you all have handled the people breaking the law by under reporting their income earned through 3rd party technology services?
The reason they require your SSN is so you can't create multiple accounts and bypass the $600 cap.
For those of you who want people to pay the tax that they owe on their income, this is a good thing.
I get that the inconvenience is annoying, but just go back to doing whatever you did before this was an option for you.
The reason they require your SSN is so you can't create multiple accounts and bypass the $600 cap.
For those of you who want people to pay the tax that they owe on their income, this is a good thing.
I get that the inconvenience is annoying, but just go back to doing whatever you did before this was an option for you.
The extra paperwork is annoying, but the convenience of having a source to sell off tickets that you can't use outweighs it. As to those in the business of buying & selling I see no reason that they should not pay taxes on their profits just like everyone else does.
TK
Exactly. I just don't get the takes that take this as some kind of government overreach.
There were people profiting thousands of dollars and not paying any tax on it. Why would anyone be ok with that? The alternative here is to keep letting them get away with it?
We have had a $600 reporting requirements for 1099 forms as long as I can remember.
We modernized the rules to included e-commerce.
Reselling tickets you already paid for is not income unless you are selling them for over what you paid for them. Even so, you really want to go after people who sell a ticket for $10 over face value?
G
The FAQs said last year it was $20,000 before the 1099 was needed. This year it’s $600.
Right, I understand the idea of when it becomes taxable income.
No I don't care about the people making $10 profit.
Yes I do care about the people making thousands of income (after cost) and paying 0 income tax.
That's a problem and I'm honestly surprised this thread leans towards the tax cheats.
Just to look at a different but similar situation. If you go to one of New Jersey's racetracks and have a ticket that pays $600 or more you have always been required to give your tax information before collecting. This is nothing new. Been that way for a long time. So now it is being applied to ticket sales. Essentially the same thing. As I've said before it is annoying but no big deal.
TK
TK
Not like they are forcing you to sell your tickets. If that is a concern for you, the solution would seem to be to just not use the service to sell them.
A
anon_ezos2e9wn1ob0
Guest
What about just transferring the tickets to an email and getting paid via Zelle, Venmo or PayPal?
I just bought 2 tickets to Jets Bills and that's what the guy did.
I just bought 2 tickets to Jets Bills and that's what the guy did.
Actually.. going to edit this.
It may not be reportable that way. May only be if the payment was made through a business like eBay or Ticketmaster.
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Someone above said Zelle is exempt but the others should send you a 1099 if you exceed $600.
All of what we are talking about here is why the government is quietly putting the pieces in motion to introduce a digital dollar. They are going to use situations like FTX as an example as to why a centralized, regulated digital currency is the future. And once this takes hold, all of your purchase and sale transactions and use of said digital dollars will be forever etched on blockchain with full transparency, whereby the government was have complete and total access to view your transactions and tax you accordingly.
You won't have to worry about supplying your SS# and personal info to them anymore, they will have everything they need in perpetuity.
You won't have to worry about supplying your SS# and personal info to them anymore, they will have everything they need in perpetuity.
Did you know the seller? Not sure how to do that if you're just listing tickets on the open marketplace for anyone to buy. Ticketmaster even skims a bit off the top for providing that service. A lot easier if you know the seller/buyer.
Yep, scary. It's why they are trying to phase out cash. That way they can have control over and access to every transaction processed anywhere in the world.
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anon_ezos2e9wn1ob0
Guest
No, I posted on JetsNation I needed two tickets. He was able to transfer them to me via Account Manager on ticketmaster and I paid him over Venmo. I got the tickets cheaper than stubhub and no fees.
A bit over the top there. That too really has nothing to do with a reporting threshold.
Only question here is how comfortable you are with letting people cheat on their taxes because you want to be able to sell $50 tickets without providing a SSN.
Personally, I want people to pay the tax they owe. Maybe I’m crazy.
As well as control your access and turn it on and off as they please.
Depends what specifically you’re talking about here, but it would actually be easier to do that now than compared to what it would take to do that on a distributed ledger.
It's not over the top, not at all. People can hold their head in the sand on this all they want, but it's happening it right now. Full transparency is desired into your personal finances - they want the ability to tax you with 100% effectiveness and have track your spending habits.
Go look at the pilot program started last week by major banks.
A few notes. You will get a 1099 but that doesn't mean its income if you sell it for less than you paid. You may have to note that on your tax return or keep records in case the IRS audits you. But its not income just because you received a 1099.
Off topic but related - The bigger thing folks should be worried about is the Fed and some in the Senate pushing a US digital currency. This push will lead to a significant invasion in folks privacy and our Govt will know everything you do and pay for. That is a way bigger risk than this 1099 issue.
Off topic but related - The bigger thing folks should be worried about is the Fed and some in the Senate pushing a US digital currency. This push will lead to a significant invasion in folks privacy and our Govt will know everything you do and pay for. That is a way bigger risk than this 1099 issue.
A pilot program does not imply nefarious intent.
There are advantages to blockchain systems. That’s why we are headed in that direction. Banks are preparing for the future if that is the direction we end up going.
It’s not really going to change much for you though. As if banks don’t already track all of your information and all of your transactions? and have your personal information on file and accessible to outside parties? As if they don’t file suspicious activity reports already?
The government doesn't care what you are buying... but if you are using a credit card and a cell phone then they already can know everything about you. That's not harder to track than all of the crypto wallets you connected with.
