Received an email from Ticketmaster saying they need my SSN and other info to mail me a 1099-K for sale of PSU tickets before they release the cash. Is this legit? Anyone else get the same email. Looked up the 1099-K on the IRS website and it seems to be more for business transactions rather than a gain or loss on an individuals ticket transfer/sale. I hope not, what a nightmare if true. Also, hate to send anyone my SSN in response to an email and I will never sell through Ticketmaster again.
1099-k
- Thread starter JDale83
- Start date
“Ticketmaster will never ask you to provide this information over the phone or in an email.”
“If you fail to provide your taxpayer information, you will not be eligible to receive payment upon the completion of sales of your tickets until you do.”
help.ticketmaster.com
“If you fail to provide your taxpayer information, you will not be eligible to receive payment upon the completion of sales of your tickets until you do.”
1099-K Form: Answers to Some Common Questions
The answers below to common questions are for information purposes only. Ticketmaster cannot provide tax advice. If you have questions about your taxes, you should consult your tax advisor. How ...
help.ticketmaster.com
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Wandering Spectator
Well-Known Member
So how do we calculate the gain or loss. So far its a loss, can that offset gains. Sounds like more work for tax accountants and a waste of time. What a dumb law and it needs to be fixed. This is not a business and should not be taxed or reported in my opinion. At least at the $600 level.
I was under the impression that it only applied to people with a certain amount in sales. I got the same email last year from Stubhub but didn't have to respond because I made such a small amount.
The problem is it could be a business for many people. 1099-k is informational and amounts aren't necessarily subject to tax.
First off, it is true that the federal govt requires reporting of more than $600 in transfers from 3rd party financial players like venmo, paypal, etc. Welcome to the world of big govt and a cashless society. What could possibly go wrong
If this particular email is legit, I assume it is asking you to log into your TM account and enter through a secure website. If it is asking you to email your SSN, it is certainly a phish.
Were talking the Government right? They keep coming up with ways to waste money.......
Wandering Spectator
Well-Known Member
Based on the info from Ticketmaster below, the tax rules were apparently part of Biden’s American Rescue Plan. If you earn over $600 on any e-commerce platform you’ll need to claim the income and therefore pay taxes. I’m guessing you’ll need to keep receipts for purchases to use as your cost basis.
The link below has plenty of details.
business.ticketmaster.com
The link below has plenty of details.
2023 U.S. Tax Law Updates You Need to Know - Ticketmaster
The American Rescue Plan Act of 2021 lowered IRS reporting thresholds for all e-commerce platforms — including Ticketmaster — effective January 1, 2023. Any
business.ticketmaster.com
