So does Ticketmaster net out what I originally paid for the tickets? Or just report the total revenue from the sale. If I sell a ticket for $100, but paid $80 for it, I should only pay tax on the net profit of $20, right?
2021-22 Season Hurricanes Misc. Thread
- Thread starter jeffbear
- Start date
Yeah, you'd have to net a profit of $600 or more over what you already paid to get popped with the tax. The vast majority of us who sell the odd ticket here and there won't be impacted. They're looking for lost sales tax revenue on brokers.
cmaleski2
Well-known member
All
I'm hopeful that the IRS shoots out some specifics on how they would like people who just sell some personally owned tickets to report actual income on the tax forms (if you even have actual income). But you are correct, you should only owe taxes on your 'profits' (if any).
There is going to be mass confusion on this topic come tax time.
I believe all Ticketmaster is going to report on the 1099-K is the total gross amount from the sale in Box 1a (or b?). It will be up to you to keep track of what your actual taxable 'profits' are for tax purposes.
I'm hopeful that the IRS shoots out some specifics on how they would like people who just sell some personally owned tickets to report actual income on the tax forms (if you even have actual income). But you are correct, you should only owe taxes on your 'profits' (if any).
There is going to be mass confusion on this topic come tax time.
cmaleski2
Well-known member
The 1099-K will be generated for gross sales $600 or greater.
Ticketmaster (and other resale outlets) in theory have no idea how much you actually paid for the ticket. That is up to you to keep track of so you can report the correct amount and pay taxes on your profits. The change in guidance is going to force Ticketmaster to generate a 1099-K if your total gross ticket sales for the YEAR are $600 or greater.
So sell 4 tickets at $200 per? Even if your actual profit is ZERO (or even a loss), Tickemaster is obligated to send you (and the IRS) a 1099-K.
Yeah ... that's why I said you'd get popped with the tax at $600 profit or above and didn't mention the form. The 1099K is just a form, after all, and nobody's withholding anything here. I get one for other potentially taxable income every year, and 90% of the time it's offset with other expenses or losses.
So Michael Smith isn’t replacing Alec Campbell, Dennis Cox is. But Smith will be on Stormwatch, intermissions and the Aftermath. He’ll be hosting all the shows on Saturday since Dennis Cox will be in New Orleans.
cmaleski2
Well-known member
Today is the opening of additional playoff strip purchases for STMs. I'm at the 1PM timeslot today, I suspect a few folks here have time slots earlier than that. It will be interesting to see how the landscape/availability of additiona strips looks this year. Its bound to get tighter and tighter and last season we were still being impacted by Covid so that wasn't typical.
StormChaserBH
Well-known member
My slot was 10am, and I have 2 seats so was going for 2 extras... There was nothing left in 102 (my section), but I got a pair halfway up 106 to stay on West side. There were some in the upper half of 106, but not a lot left in my price category Sideline Preferred on the East side either. Quite a few groups of 3 - no good for me as they usually don't let you pick the 2 and leave a single. Was surprised I had the option to get my extras in the center ice sections as well (for a higher price of course), but I don't think I even had visibility into what was left in the corners or ends (I was flying so fast through the app to get those locked in). Good luck!
HeyKurtz
Well-known member
I got two additional seats three rows behind my usual seats in 127.
The frustrating part is that I split my two seats with a friend and we also share a premier parking pass. Unfortunately, even though we bought two additional seats so that both he and his wife and me and my wife can go to every game, the Canes will not sell us a second premier parking pass for each game, meaning we’ll need to carpool together for each game. How shortsighted is that?
StormChaserBH
Well-known member
I'm the same sharing arrangement as you Kurtz, and I got the same answer from my rep - they're "sold out" of Premier parking passes so can't sell me an extra.. he's supposed to be adding a General parking pass for our 2nd one though.
Wait, you’re saying you can’t get an extra Premier Parking Pass so someone would need to carpool or park in general parking
first world problems
HeyKurtz
Well-known member
Oh, I know...but still, I am offering to give them more money and they won't take it.Wait, you’re saying you can’t get an extra Premier Parking Pass so someone would need to carpool or park in general parkingwith the common people like me?
first world problems
HeyKurtz
Well-known member
That's what they offered me, too. I don't believe they are sold out.
HeyKurtz
Well-known member
Also, this has nothing to do with who we park near. I find the convenience of getting in and out of the lots much faster to be worth the extra cost for premier parking.
I loved premier parking when our kids were younger and we needed to make a hasty exit. But IMO they never really fulfilled the promise of dedicated ingress/egress in the Contract With the Fans, at least on the east side where my seats are. Getting down Westchase was always a hassle because they tried to move everyone into the grass lot where the football building is now. And the egress out Westchase still isn’t dedicated, everyone in the East 1000 lot goes out Westchase.
I’m pretty sure everyone would like that extra convenience of going to the front of the line.
But I was messing with you too. That’s a song lyric.
StormChaserBH
Well-known member
It's totally not worth it... nobody should sign up for Premier....