Anne Steele

speaker

61 appearances 1 recordings 1 series first heard Oct 2023 last heard Oct 2023

Anne Steele’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why the IRS Wants to Know About Your Eras Tour Tickets · 3 Oct 2023 podcast

Any time that a transaction value or total transaction values add up to $600, that sort of triggers the 1099-K form needing to be sent back.

out by these platforms.

If you sold a ticket at a loss, in that case, there's no profit to pay tax on, but you'll still get a form.

And on the flip side, the loss is not deductible.

And resellers can't offset gains on some transactions with losses on others.

So even if it's a loss, you may still have to report that on your tax return.

Absolutely.

This law has already been pushed back a year once.

But at this point, the IRS is getting ready for this and having consumers prepare and having these platforms prepare to send out these forms and have the IRS receive them and have this be more reportable income.

So what does the IRS do with this information?

The IRS is now just going to have a lot more information available.

on the sort of smaller transactions and smaller amounts of income that people are making, often inside hustles or just one-offs.

So the IRS is going to have that information and they are going to want you to pay taxes on it.

Opponents say this will be quite a burden for companies and platforms and also just confusing for consumers and taxpayers.

Many critics think the threshold should be higher than $600.

Currently, a bill in the Senate would set it at $10,000.

People should look out for this 1099-K tax form.

It's going to be the first time a lot of folks are getting this.

So if they resold tickets or clothing or whatever, they should also keep record of everything.

There's going to be some math to do.

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