Staff Reports
The IRS is at it again, finding new ways to squeeze every last penny from hardworking Americans. This time, they’re targeting ticket sellers on popular platforms like StubHub and Ticketmaster. According to the new rules, anyone who sells more than $600 worth of event tickets will have to hand over their data to the IRS and fill out a 1099-K form. And get this, the IRS will then determine whether or not these resellers made a profit and tax them accordingly. But here’s the real kicker – if you resold your tickets at a loss, tough luck, because you won’t be allowed to deduct that loss.
Now, you might be wondering why the IRS is cracking down on ticket sellers all of a sudden. Well, it’s all thanks to President Joe Biden and his so-called American Rescue Plan. Under this plan, the IRS has been given new powers to go after everyday Americans and make sure they’re paying their fair share. Of course, it’s all in the name of “helping” and “softening the economic fallout” from the pandemic. But let’s be honest, all it’s really doing is giving the government more control and taking more money out of your pocket.
And here’s another thing – the IRS used to only monitor reselling data for those who had over 200 transactions and made over $20,000 in profits. But now, they’ve lowered the threshold to meet that of gig work, like driving for DoorDash or Uber. So no matter how many tickets you sell, you could still be caught in the IRS’s web. It’s just another example of the government trying to clamp down on hardworking Americans and make it harder for them to make a living.
Now, I don’t know about you, but I’m not thrilled about the government snooping around in my ticket selling business. I should be able to buy tickets and resell them without Uncle Sam breathing down my neck. Thankfully, there’s a bill in the House Ways and Means Committee that’s trying to restore the old threshold of $20,000. Let’s hope it passes, because the last thing we need is more government interference in our lives.
