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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 1 year ago by [email protected] to c/[email protected]

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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 44 points 1 year ago (4 children)

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

[–] [email protected] 9 points 1 year 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

[–] [email protected] 4 points 1 year ago* (last edited 1 year ago)

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

[–] [email protected] 3 points 1 year ago* (last edited 1 year ago)

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

[–] [email protected] 1 points 1 year 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.