Comment on 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

kingludd@lemmy.basedcount.com ⁨1⁩ ⁨year⁩ ago

• cryostars@lemmyf.uk ⁨1⁩ ⁨year⁩ ago

  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…

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• Guest_User@lemmy.world ⁨1⁩ ⁨year⁩ ago

  They could have sold multiple tickets

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  • kingludd@lemmy.basedcount.com ⁨1⁩ ⁨year⁩ ago

    Ah good point, that makes more sense.

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• variaatio@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

  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).

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  • solstice@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Yeah this is completely normal and not at all anything to flip out about. Honestly I’m surprised the reporting threshold was ever $20k to begin with. The 1099 reporting threshold for contractors has been $600 for over a decade now so I would’ve assumed the same for scalpers.

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• jazzy_jeremy@lemm.ee ⁨1⁩ ⁨year⁩ ago

  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 🤷‍♂️

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  • kingludd@lemmy.basedcount.com ⁨1⁩ ⁨year⁩ ago

    I’m not gonna say that should be illegal, but, like, a thousand dollars feeds my family for nearly a year.

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    • Guest_User@lemmy.world ⁨1⁩ ⁨year⁩ ago

      How are you surviving off of a dollar a day for food? Genuinely curious

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      • zettajon@lemdro.id ⁨1⁩ ⁨year⁩ ago

        I get by for 2 people on $50 per week in NJ near NYC by:

        1. Shopping at Aldi
        2. Going vegetarian unless eating out (rarely). Must is very expensive, but many of my favorite produce is not much more expensive than before inflation started. We switched to egg whites from Costco instead of paying crazy prices for a dozen whole eggs.
        3. Learning how to cook healthy. Spinach, red onions, tomatoes, bagged legumes, whole wheat pasta are all dirt cheap

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      • darganon@lemmy.world ⁨1⁩ ⁨year⁩ ago

        If I had to guess…he’s lying?

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      • kingludd@lemmy.basedcount.com ⁨1⁩ ⁨year⁩ ago

        I produce a lot of my own and mainly buy things like sugar and salt. When you live a low income/low cost lifestyle you kind of get sticker shock with how much people shell out for things.

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• nutandcross@lemmy.world ⁨1⁩ ⁨year⁩ ago

  [deleted]

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  • kingludd@lemmy.basedcount.com ⁨1⁩ ⁨year⁩ ago

    So you didn’t like my reply about treating people with basic human decency, and this is how you behave? If this is a representative sample, I can see why you did time.

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    • nutandcross@lemmy.world ⁨1⁩ ⁨year⁩ ago

      [deleted]

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      • kingludd@lemmy.basedcount.com ⁨1⁩ ⁨year⁩ ago

        You must be really really bored. Try reading a book, or watching a cloud, or doing something productive with your life.

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