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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

https://lemmy.world/post/5628646

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 - Lemmy.world

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.

Sep 24, 2023 at 6:00amWeb
Show threadCarSep 24, 2023
Fuck scalpers
Show threadsudo22Sep 24, 2023
Fuck scalpers, but I refuse to look at the $600 tax rule as anything other than a way for the government to squeeze money from and spy more on the common people.
Show threadTJA!Sep 24, 2023
Why? Isn’t the person selling the tickets for a $600 profit there one squeezing money from the common people?
Show threadKhaelasSep 24, 2023

If corporations paid the way they should the country would be in a lot less money issues than it is.

Here in the UK it’s often talked about and people get angry about Bob the builder doing cash only work and not paying his taxes. Just another plan from the government and media to cause in fighting rather than look at the real issue, big corps.

But also fuck scalpers so I’m torn.

Show threadjmcsSep 24, 2023
Speculative profits should be heavily taxed, it doesn’t matter if it’s done by old money that runs the big corporation or by middle class people that are as morally bankrupt. Scalpers and oligarchs are just two strains of the same virus.
Show threadStumblinbearSep 25, 2023

less money issues than it is.

Hard disagree. They’d just spend significantly more.

Show threadsudo22Sep 24, 2023
Yes? I’m against both of the parties in my comment. Maybe I made it sound like I’m in the scalpers side with my tax complaints, I’m not. I just don’t want this government overreach to be placed in a positive light just because its also affecting people we hate.
Show threadperspectiveshiftingSep 24, 2023

Yeah as a small time gigging musician, fuck scalpers and also fuck government overreach here. Anything that hurts scalpers (in all fields, but tickets especially) is interesting to me and the average concert goer, but if it comes at the cost of broadly limiting the used music gear market, among thousands of other used equipment communities, it’s misdirected legislature at best.

The companies and systems that enable scalping and customer extortion such as Live Nation absolutely need to be limited and restricted, but setting a broad limit across all secondhand sales at $600 when it was previously $20,000 is an inaccurate miscorrection. More informed and nuanced legislature is necessary

Show threadTimmyDeanSausage Sep 24, 2023

To add a bit more context to this for the unaware: LiveNation is the umbrella Corp that owns TicketMaster as well as over 70% (IIRC) of the live music industry in the U.S. They’re making a killing on tickets, alcohol sales, backend software licensing, and many different artist/event management firms. They also pay their employees the lowest wages relative to the rest of the live music industry, which was already a vastly underpaid industry before Live Nation came to power in the 2010’s. Further, the CEO’s salary increased by 1000% between 2019 and 2023 while the peasants got a meaningless raise from pre-inflation starvation wages to post-inflation starvation wages. They’re the epitome of an exploitative monopoly, at every level.

Source: Current part time employee of LiveNation and 14 year veteran of the live music industry.

A list of their subsidiaries: …livenationentertainment.com/…/dex211.htm?TB_ifra…

Subsidiaries of the Company

Show threadzoe Sep 24, 2023
people would downvote u with no counter-argument to present. Lemmy is full of single digit iq NPCs
Show threadsudo22Sep 24, 2023
I think most of those people don’t understand what the $600 rule is and instead thought I was saying scalpers shouldn’t be taxed on their ill gotten profits.
Show threadzoe Sep 24, 2023
so many people are uninformed and overly biaised
Show threadorgrinrtSep 24, 2023

Personally I think it fair enough that government tracks larger undocumented transactions, but maybe the 600 is a bit low a threshold not to affect common people too much.

I see your point, but I am from Northern Europe, and “governmental overreach” has a very different meaning to me than this. Especially the tracking side seems absolutely understandable for larger sums, but I am in favor of a heavy, regulating government, so I believe there are ways to make that threshold and rules as to who and why has to actually get taxed for the transaction, a fair enough and just construct among others very much needed.

Show threadzoe Sep 24, 2023
multinationals should be banned from making subsidiaries in tax heavens (for exemple, Ireland) The Irs knows this but lobbying money prohibits them from achieving anything substiantial
Show threadcanthidiumSep 24, 2023
It’s not just transactions. $600 is the lower limit on taxable income. I used to do food delivery and if you make under $600 for the year it’s not reported and not taxable. You’re supposed to report any income over $600. Obviously a gift from your family you can hide “under the table” but you always risk being audited if anything strange is noticed.
Show threadSquizzySep 24, 2023
Already paid tax thing is not applicable, it’s literally how taxation works. The government gets their share at each point. Everytime a taxable good changes hands, with exception, the tax is applied again.
Show threadsudo22Sep 24, 2023
I know that’s how it works. I’m complaining because the way it works is bullshit.
Show threadSquizzySep 24, 2023

Well taxation is completely necessary unless you have a steady stream of cash flowing into the government from another source, which almost no country has and no country will have indefinitely.

We can argue about rates and cut offs but taxation in general is not a bad system

Show threadsudo22Sep 24, 2023
Never said it was a bad system in general. But as a normal citizen not engaging in business I think paying taxes possibly 4 times (federal income tax, state income tax, sales tax when first bought new, sales tax when sold as used) on the same item is wrong.
Show threadSquizzySep 24, 2023
You should not be paying tax unless you turned a profit on the sale.
Show threadsudo22Sep 24, 2023
If you bought the bike years ago there’s a strong chance you no longer have the receipt/invoice.
Show threadStumblinbearSep 25, 2023
You won’t need that unless you get audited, which is highly unlikely unless you’re doing questionable things consistently, and even then they probably wouldn’t care enough to look into a single bike sale too deeply.
Show threadlightnsfwSep 24, 2023

Taxation is bullshit when it causes your standard of living to be significantly lower than it would be without taxation. I could be living comfortably right now instead of scraping by if the government didn’t have it’s hand in my pocket at every turn. Tax the people who have money to spare.

And now that I’ve typed all that I actually read the last part you said about rates and cutoffs… I’m gonna leave this here anyway since typing it got some of the angry out of me.

Show threadSquizzySep 24, 2023
I was talking about general taxation, of course tax policy can impact people differently. That said your argument for taxation lowering your standard of living is a given, in that taxation is money from you meaning you have less to work with so it, by definition, would lead to less available funds for you. I agree with you though that taxation and welfare cliffs and taxation targets is disproportionately affecting to middle class.
Show threadlightnsfwSep 24, 2023
Ideally government services I recieve from my tax dollars would outweigh the negative from what is coming out of my income. Personally I don’t believe that to be the case. Maybe “Standard of Living” wasn’t the right term to use, what I mean is if I got to keep the money that was going to taxes I would be able to buy a home, use my healthcare, and a little left over for hobbies and savings. If I had enough income that I could do all these things while still paying taxes I wouldn’t bitch but instead I’m paycheck to paycheck with just about everything going to rent and other necessities and really not getting much in return from the government other than the roads and post office… Obviously there are programs the benefit other people more but I don’t really think it’s fair to expect my income bracket to foot the bill for those when I can’t even achieve a decent life for myself.
Show threadSquizzySep 24, 2023

Exactly and what you’re saying is absolutely verifiably accurate so you’re justified in what you are saying. I hope you vote in the correct direction to see these changes. Defending public services and cutting taxes for the rich does not benefit you.

Ideally you would have support to bridge the gap. Personally I’d aim to be in the position that I get less from the government than I provide, which is honestly a tall order when you factor in the inner workings of properly ran country.

Show threadlightnsfwSep 24, 2023
I would rather pay higher taxes than cut services people need to survive. I don’t want to cut benefits to anyone (except maybe corporations getting subsidized). I just think the tax burden should be shifted to those that have the cash to spare.
Show threadStumblinbearSep 25, 2023
If he’s “just scraping by” he’s not “middle class.”
Show threadgibbedygookSep 24, 2023
let’s make the threshold $60 instead of $600
Show threadSevFTWSep 24, 2023
$2
Show threadBrianTheeBiscuiteerSep 24, 2023
I have to report a $6 profit if that’s what I got from selling market shares. Seems fair.
Show threadStumblinbearSep 25, 2023
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
Show threadLCPSep 26, 2023

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.

Show threadiforgotmyinstanceSep 24, 2023
Scalpers are predators, and captive markets like Ticketmaster give them a hunting ground.
Show threadpdxfedSep 24, 2023
By design. If it weren’t easy for scalpers and bots to scoop tickets in the first seconds they’re on sale, tours and venues wouldn’t be assured their sales are met. Then bot resellers start the actual sale, where the scalpers come in…you, the attendee likely getting sloppy 4ths.
Show threadHolyhandgrenadeSep 24, 2023
Somehow I doubt this will affect Ticketmaster, the biggest scalper of all
Show threadViking_HippieSep 24, 2023
Of course not. The system is specifically designed by and for the rich and powerful so that they get away with everything while regular people get punished for nothing.
Show threadjcit878Sep 24, 2023

er, by default any profit is taxable for them while as a lemming you get a tax free $600 profit before it impacts you

but fuck ticketmaster anyway

Show threadsndrtjSep 24, 2023
I’m pretty sure they pay effectively zero tax because they found some interesting ways to make their profit appear 0 on paper.
Show threadeek2121Sep 24, 2023
I own a business and can agree with this statement.
Show threadtenextrathrillsSep 24, 2023
I don’t understand what your point is. Of course this doesn’t impact Ticketmaster. They already pay taxes on income generated from selling tickets, so nothing changes. I can’t tell if you’re just saying dumb shit to get upvotes from other idiots or truly don’t have a clue.
Show threadpopulustreeSep 24, 2023
maybe they could go after ticketmaster’s near monopoly and constant breakage of agreements with gov. branches? just a thought
Show threadStumblinbearSep 25, 2023
Why would the IRS be doing that
Show threadpopulustreeSep 26, 2023
cause that would actually do good for the world
Show threadStumblinbearSep 26, 2023
The IRS has zero jurisdiction to do that
Show threadrainynight65Sep 24, 2023
Scalpers are absolutely the worst.
Show threadShittyRedditWasBetterSep 24, 2023
No they won’t unless you were selling in bulk.
Show threadSeudoSep 24, 2023
Punishment? Huh, didn’t know the tax man doesn’t want me to make money.
Show threadStumblinbearSep 25, 2023
Do you even know what the IRS is doing here? They aren’t punishint anyone. This is them literally making sure people pay the proper taxes on the profit.
Show threadx4740NSep 24, 2023

The IRS doesn’t care if you do crime or exploitative or morally bad

They just want their cut

Show threadBrianTheeBiscuiteerSep 24, 2023
You’re saying that if they suspect someone of profiting off of let’s say, human trafficking, they’d just ask for the taxes and not report the violation?
Show threadBahnd RollardSep 24, 2023
No, its still a crime to do a crime, but if you profit from your crime and dont report it, its now a double crime! All sarcasm asside, this is what the feds used to nab Al Capone. It also makes it easier for the feds to seize things that may or should have been owed. Remember, even the Joker pays his taxes.
Show threadDogsShouldRuleUsSep 25, 2023
Human trafficking is profoundly illegal, whereas scalping is not (in most states (all but 16)) so this makes your comment pretty silly. Not to mention the massive gap in how bad those two things are…
Show threadBrianTheeBiscuiteerSep 26, 2023
Human trafficking is most definitely “a crime” which is what some people think the IRS doesn’t care about.
Show threadDogsShouldRuleUsSep 26, 2023
Yes I did say it’s a crime… it is profoundly illegal… my exact words. According to the law, scalping is only “a crime” in 16 states. People can think whatever they want, I think it’s stupid and should be illegal worldwide, but that doesn’t matter. Gotta put your feelings aside when dealing with things like this, and jumping to extremes like you did is irrational and silly.
Show threadhanslSep 24, 2023
The IRS will report a crime if they suspect one, but they don’t make the laws. You’re barking off the wrong tree if you think they should be the moral authority.
Show threadStumblinbearSep 25, 2023

Edit: grammer

Edit2: grammar

Show threadkingluddSep 24, 2023
Wait, someone paid more than $600 for a fucking concert?
Show threadGuest_UserSep 24, 2023
They could have sold multiple tickets
Show threadkingluddSep 24, 2023
Ah good point, that makes more sense.