Off-Topic StubHub Now Requiring SSN's due to new IRS Reg

[SpikeUM]

I got the email from them today. This is a major pain in the ***, and $600 is way too low. What happens if you have a loss, can you now deduct it? @TheOriginalCane

Beginning January 1, 2022, new IRS regulations require StubHub to generate a Form 1099 for accounts that meet or exceed $600 in gross sales within the 2022 calendar year. In order to generate a Form 1099 as required by state and federal tax laws, we’ll need your Taxpayer Identification Number (TIN). Your TIN is typically either your Social Security Number (SSN) or Employer Identification Number (EIN) for businesses.

 

[Go Canes!!]

Wait til they start checking the paper trail when you surpass $600 in your account.

 

[Brains]

I don't understand how anyone (other than government functionaries, of course) can support this garbage.

 

[SpikeUM]

I don't understand how anyone (other than government functionaries, of course) can support this garbage.

They should be looking at all of the wasteful spending and fraud and not small **** like this.

 

[Fluffhead]

They should be looking at all of the wasteful spending and fraud and not small **** like this.

What is nuts is giving the IRS any more burden right now. We had to paper file our tax return this year. Still not processed. I am sure I am going to get a notice for not filing too. Same with at work. Filed returns in May, getting notices for unfiled returns.

 

[SpikeUM]

What is nuts is giving the IRS any more burden right now. We had to paper file our tax return this year. Still not processed. I am sure I am going to get a notice for not filing too. Same with at work. Filed returns in May, getting notices for unfiled returns.

The "taxing the rich" threshold I guess is now $600?

 

[SpikeUM]

Back to my question though, if I get a 1099 for the income, I should be able to deduct the expense of buying the tickets?!? And what about taking a loss?

 

[Hardcore Cane]

You know, cus the elite buy their tickets from stubhub.

you want to buy a ticket? We need to see your SSN

PAPERS PLEASE!

everyday, a little more freedom is taken away

 

[redcane]

Back to my question though, if I get a 1099 for the income, I should be able to deduct the expense of buying the tickets?!? And what about taking a loss?

I agree that if you sell at a loss you owe nothing. Don't know about deducting the loss from your other earnings.

This is absurd. As a small business owner, I hate the exercise of having to 1099 every vendor I paid $600 but my accountant makes me.

 

[SpikeUM]

I agree that if you sell at a loss you owe nothing. Don't know about deducting the loss from your other earnings.

This is absurd. As a small business owner, I hate the exercise of having to 1099 every vendor I paid $600 but my accountant makes me.

Its not your accountant, its the IRS. And you also need W-9's for them, plus its $10 (not a typo) if paid to a lawyer.

 

[JD08]

The "taxing the rich" threshold I guess is now $600?

Everybody loves the idea of taxing the rich. They just don't realize the politicians think everyone is rich.

 

[CFLCane]

I don't understand how anyone (other than government functionaries, of course) can support this garbage.

I'm assuming this is some poorly thought way to discourage bot resellers by raising the bar of difficulty. The industry needs better regulation....but not this.

 

[Brains]

I'm assuming this is some poorly thought way to discourage bot resellers by raising the bar of difficulty. The industry needs better regulation....but not this.

I'm sure that's how they will market it.

 

[MadCane]

Good! F_ck all these people who use bots to snatch all the available online tickets, and then resell them for massive profit!

Get ‘em, Brandon!

 

[SpikeUM]

Good! F_ck all these people who use bots to snatch all the available online tickets, and then resell them for massive profit!

Get ‘em, Brandon!

but a $600 limit?

 

[TemplarCane]

Too many StubHub Billionaires…geez loueez….

 

[Cryptical Envelopment]

It also allows you to take losses if you think about it. And expense all the fees.

 

[SpikeUM]

It also allows you to take losses if you think about it. And expense all the fees.

I dont know that it does, that was my earlier question.

 

[Cryptical Envelopment]

I dont know that it does, that was my earlier question.

I mean, if they are taxing you on your profits for the sale of an asset, wouldn't they have to allow losses as well? As long as you are declaring everything?

 

[KANE]

Wow