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If you resold Taylor Swift Eras Tour tickets, the IRS is watching — A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty (gizmodo.com)

submitted 1 year ago by L4s to c/technology

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If you resold Taylor Swift Eras Tour tickets, the IRS is watching — A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty::A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.

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[–] lazycouchpotato 1 points 1 year ago

I understand wanting to go after scalpers, but the $600 limit isn't specifically for ticket reselling websites - it includes transactions not categorized under "Friends and Family" on places like PayPal as well.

I use various cashback websites who pay out via PayPal and I'm starting to get close to the limit. As soon as I cross it, I either have to give PayPal my SSN or have 24% withheld by the IRS.

If a friend accidentally sends me money via "Goods and Services" instead of "Friends and Family" on PayPal and puts me over the threshold, I'm the one in trouble.