this post was submitted on 24 Sep 2023

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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 L4s@lemmy.world to c/technology@lemmy.world

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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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[–] Car@lemmy.dbzer0.com 39 points 1 year ago

Fuck scalpers

[–] gibbedygook@sh.itjust.works 24 points 1 year ago

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

[–] iforgotmyinstance@lemmy.world 8 points 1 year ago

Scalpers are predators, and captive markets like Ticketmaster give them a hunting ground.

[–] Holyhandgrenade@lemmy.world 6 points 1 year ago

Somehow I doubt this will affect Ticketmaster, the biggest scalper of all

[–] populustree@lemmy.blahaj.zone 2 points 1 year ago

maybe they could go after ticketmaster's near monopoly and constant breakage of agreements with gov. branches? just a thought

[–] Lightrider@lemmynsfw.com -2 points 1 year ago

Fucking capitalists

[+] sudo22@lemmy.world -16 points 1 year ago* (last edited 1 year ago) (4 children)

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.

Edit: to clarify I'm not rooting for the scalpers, I just don't want this governmental overreach to be put in a positive light just because its also affecting people we rightfully hate.

For those that don't know. The $600 tax rule is a requirement that Zelle, Venmo, etc must report transactions over $600 to the government so they can be taxed. Get a $600 graduation gift from grandma? Taxed. Get $1000 from your roommates to pay rent? You now have to document and show that so its not taxed. Sell a bike (that you ALREADY paid sales tax on using money you ALREADY paid income tax on) for $800, would you look at that its going on the tax form.

[–] tja@sh.itjust.works 14 points 1 year ago (2 children)

Why? Isn't the person selling the tickets for a $600 profit there one squeezing money from the common people?

[–] Khaelas@lemmy.world 6 points 1 year ago (1 children)

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.

[–] jmcs@discuss.tchncs.de 3 points 1 year ago

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.

[–] sudo22@lemmy.world 3 points 1 year ago (1 children)

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.

[–] perspectiveshifting@sh.itjust.works 3 points 1 year ago* (last edited 1 year ago)

Yeah I agree - 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

[–] canthidium@lemmy.world 7 points 1 year ago* (last edited 1 year ago)

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.

[–] Squizzy@lemmy.world 1 points 1 year ago (1 children)

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.

[–] sudo22@lemmy.world 1 points 1 year ago (1 children)

I know that's how it works. I'm complaining because the way it works is bullshit.

[–] Squizzy@lemmy.world 3 points 1 year ago (1 children)

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

[–] sudo22@lemmy.world 0 points 1 year ago

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.

[–] zoe@infosec.pub -3 points 1 year ago (1 children)

people would downvote u with no counter-argument to present. Lemmy is full of single digit iq NPCs

[–] sudo22@lemmy.world 2 points 1 year ago (2 children)

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.

[–] orgrinrt@lemmy.world 4 points 1 year ago

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.

[–] zoe@infosec.pub 1 points 1 year ago

so many people are uninformed and overly biaised