this post was submitted on 24 Sep 2023
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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@lemmy.world to c/technology@lemmy.world
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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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[–] sudo22@lemmy.world 1 points 1 year ago (1 children)

Never said it was a bad system in general. But as a normal citizen not engaging in business I think paying taxes possibly 4 times (federal income tax, state income tax, sales tax when first bought new, sales tax when sold as used) on the same item is wrong.

[–] Squizzy@lemmy.world 4 points 1 year ago (1 children)

You should not be paying tax unless you turned a profit on the sale.

[–] sudo22@lemmy.world 0 points 1 year ago* (last edited 1 year ago) (1 children)

You're right but, If you bought the bike years ago there's a strong chance you no longer have the receipt/invoice.

[–] Stumblinbear@pawb.social 1 points 1 year ago* (last edited 1 year ago)

You won't need that unless you get audited, which is highly unlikely unless you're doing questionable things consistently, and even then they probably wouldn't care enough to look into a single bike sale too deeply.

I've been audited. It wasn't that difficult and I didn't need every last individual scrap of information