IRS and ticket resales

Basically any online transaction will subjected to tax.
Ebay, ticket sale, PayPal transfers etc.

"The American Rescue Plan Act of 2021 requires that sales completed on all e-commerce platforms —including Ticketmaster — are subject to reporting to the IRS as of January 1, 2022. This means that any seller or fan earning more than $600 annually as a result of a sale, or sales, through any U.S. Ticketmaster marketplace (including Account Manager) is required to complete a 1099 form."

This implies that you need $600 of profit (or earnings) to be subject to IRS reporting. In reality it's $600 of revenue (sale price) that must be reported.
Any profit has always been taxable, this just gives them a way to catch you if you don't report the income.

In comment 15829188 larryflower37 said:

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Basically any online transaction will subjected to tax. Ebay, ticket sale, PayPal transfers etc.

I'd think long and hard before giving my SSN along with my name and address to those companies.

Don't follow ANY advise in the email. Call!! Treat the email as a scam until you find out otherwise.

The email from 1099k@Ticketmaster.com says they won't release my funds without the information. This is from the email:

Congratulations your tickets have sold! Before we can pay you, we will need to collect your taxpayer information in accordance with applicable laws.

We are also generally required to file a Form 1099-K report with the IRS if the gross amount of your sales on our marketplaces is $600 or more in a calendar year. Many states may also require that we report when you have made at least $600 in transactions on our marketplaces, although some states may require reporting based on different thresholds. When required, we will provide you a copy of any such reports.

If so use that tax number instead of your personal ss#

Change in tax laws, part of the ARP. Reporting requirements used to be over $20,000 with over 200 transactions. Now it's $600 period. That's what will be reported an a 1099-K. It looks like you should be able to claim your cost of the tickets, up to the sale price, as an expense.

In comment 15829202 JohnB said:

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Don't follow ANY advise in the email. Call!! Treat the email as a scam until you find out otherwise.

I wholeheartedly agree with this.

The IRS never asks for personal info over the web. Give it to this website and i'm sure they will allow you to pay taxes on the sales with a giftcard

In comment 15829188 larryflower37 said:

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Basically any online transaction will subjected to tax. Ebay, ticket sale, PayPal transfers etc.

The 1099K if any will be sent to you not through a website

for your SSN online. Also, they only send a letter to your house.

The IRS isn't asking for your SSN, Ticketmaster is. Don't give it, they won't complete your ticket sale.

and asking questions later. Don't fudge up your tax returns!

Ticketmaster is asking as a condition to releasing payment to me because they say they have to report payments to the IRS 9and me) on a 1099 at the end of the year.

(and me)

Requires the 1099k. The ticket platform doesn't have a choice. It is reportable and taxable income. As someone else suggested, you might want to get an EIN for your ticket sales so you don't have to use your SSN.

You don't need an LLC or anything for an EIN you can get one in your name. Takes like 5 minutes to get one online.

In comment 15829233 FJ said:

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Change in tax laws, part of the ARP. Reporting requirements used to be over $20,000 with over 200 transactions. Now it's $600 period. That's what will be reported an a 1099-K. It looks like you should be able to claim your cost of the tickets, up to the sale price, as an expense.

To the OP - you are getting a lot of replies. I would recommend listening to this one that I quoted here.

Thanks. That sounds right. What threw me was Ticketmaster's position that they won't pay me until I submit the info. But I guess that is their only leverage to get the info from me which they are required to provide to the IRS.

Love the diversity of views on this, comparable to the diversity of views on Daniel Jones. What's not to like about BBI?

In comment 15829199 US1 Giants said:

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In comment 15829188 larryflower37 said: Quote: Basically any online transaction will subjected to tax. Ebay, ticket sale, PayPal transfers etc. I'd think long and hard before giving my SSN along with my name and address to those companies.

iThis. Man I don't trust anything sent on email. Especially asking for this sensitive information

In comment 15829233 FJ said:

Quote:

Change in tax laws, part of the ARP. Reporting requirements used to be over $20,000 with over 200 transactions. Now it's $600 period. That's what will be reported an a 1099-K. It looks like you should be able to claim your cost of the tickets, up to the sale price, as an expense.

Cost plus any additional costs incurred to maintain the asset….imo