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  1. #1
    Member
    Trentonstew's Avatar
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    IRS asking Stubhub for your tax info!

    This just announced by Stubhub.

    Starting January 2011, we are required by the IRS to collect a Tax ID Number (TIN) for sellers with more than 200 transactions and $20,000 USD paid to them by StubHub per year so we can create an annual 1099k form. Learn more about providing us with your TIN

  2. #2

    Re: IRS asking Stubhub for your tax info!

    200 transactions and $20,000? Good. I pay taxes on my income. Scalpers can too.

  3. #3
    Devoted Member
    JimmyA's Avatar
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    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by Trentonstew View Post
    This just announced by Stubhub.

    Starting January 2011, we are required by the IRS to collect a Tax ID Number (TIN) for sellers with more than 200 transactions and $20,000 USD paid to them by StubHub per year so we can create an annual 1099k form. Learn more about providing us with your TIN
    Fair, reasonable, and justified. I am surprised that the amount is so low. Most vendors get a 1099 when they provide more than $750 in goods and services.
    "Any day is a good day when you can play baseball."

  4. #4

    Re: IRS asking Stubhub for your tax info!

    I think its safe to assume this doesn't affect many people here. Thats a pretty high threshold, although anyone with field / legends seats could easily hit that 20k.

  5. #5
    NYYF Cy Young


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    Re: IRS asking Stubhub for your tax info!

    I can barely sell good 300 level seats in my Saturday plan at face. I can't imagine going 20k deep or more in tickets for resale.
    Attention Steinbrenner and front-office morons! Your triumphs mean nothing. You all stink. You can sit on it, and rotate! This is George Costanza. I fear no reprisal. Extension 5-1-7-0.

  6. #6
    NYYF Legend

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    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by Axon View Post
    I can barely sell good 300 level seats in my Saturday plan at face. I can't imagine going 20k deep or more in tickets for resale.
    If you have 4 seats down the line ($100+ per) at Yankee Stadium you're paying over $32K per year. If you sell 2/3rds of your games that's 20K right there

  7. #7
    Super Moderator PuffNettles9's Avatar
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    Re: IRS asking Stubhub for your tax info!

    Irwin R Schyster?
    My NYY Room http://tinyurl.com/y89l8up
    My NYY Hats http://tinyurl.com/yauhxsg
    My NYY Jerseys http://tinyurl.com/ydsggo4
    My Jeter Kicks http://tinyurl.com/yee5tzl

  8. #8
    Released Outright
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    dʌ bɹaŋks!

    Re: IRS asking Stubhub for your tax info!

    Trentonstew's first post is on behalf of the IRS. hmm...

  9. #9
    Addicted Member

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    Re: IRS asking Stubhub for your tax info!

    I'm all for this. I know this probably won't do anything to hinder large ticket brokers from buying huge chunks of tickets and selling them online but maybe it'll stop a few.

  10. #10

    Re: IRS asking Stubhub for your tax info!

    All you really havee to do is create a second account.

  11. #11

    Re: IRS asking Stubhub for your tax info!

    You have to pay tax on the gains but can I take a deduction if I have a loss?

  12. #12

    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by yankeeprideU2 View Post
    You have to pay tax on the gains but can I take a deduction if I have a loss?
    They missed out on the 2008 and 2009 season...

  13. #13

    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by delv View Post
    Trentonstew's first post is on behalf of the IRS. hmm...
    Sounded more like it was on behalf of Stubhub. It's an interesting topic and wasn't spamming, so, no problem IMO.

  14. #14
    NYYF Legend


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    Re: IRS asking Stubhub for your tax info!

    wonder how this will hurt ticket resellers
    The real reason why the Yankees keep winning is cause the other team can't stop staring at the damn pinstripes

  15. #15

    Re: IRS asking Stubhub for your tax info!

    If you are breaking even or selling at a net loss this is not a big deal. You would have to report your selling activity but there would be no additional tax due. Of course there is income tax due on any net profits regardless of your level of sales activity. You are on the honor system if Stubhub does not report your activity to the IRS.

  16. #16

    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by BronxYanks45 View Post
    wonder how this will hurt ticket resellers

    And what about ebay? Dont they own stubhub?

  17. #17
    Released Outright JavyVazquezIsSick's Avatar
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    Re: IRS asking Stubhub for your tax info!

    This does nothing. Good work IRS.

  18. #18

    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by JavyVazquezIsSick View Post
    This does nothing. Good work IRS.
    This is job creation. Now Stub Hub will be forced to hire people to compile this data and send it to both the IRS and the sellers. In addition, a larger burden is put on the IRS. Just what we need... more government jobs...

    Cheers!
    -Doug

    p.s. -- I though the OP wrote that the threshold is $20,000 in sales AND 200 transactions. So, if logic holds, you can have 400 transactions and not be impacted provided the sales of those 400 do not sum greater than $20,000.

  19. #19

    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by Bxboy View Post
    If you are breaking even or selling at a net loss this is not a big deal. You would have to report your selling activity but there would be no additional tax due. Of course there is income tax due on any net profits regardless of your level of sales activity. You are on the honor system if Stubhub does not report your activity to the IRS.
    how would stubhub/IRS know if you are selling at loss, breakeven or profit?

  20. #20

    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by sorianoNY12 View Post
    how would stubhub/IRS know if you are selling at loss, breakeven or profit?
    They dont. the primary purpose of this is to "follow the money". You have to be able to justify through your tracking/transaction receipts what your profit/loss was if you are asked/audited by the IRS. All the IRS will know is that you sold a bunch of tickets. This is not just a StubHub issue. Google 1099K.

    If you sell a lot of tickets, it is probably worth it to spend a couple hundred and set up an LLC

  21. #21
    NYYF Legend

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    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by BourbonMan View Post
    If you sell a lot of tickets, it is probably worth it to spend a couple hundred and set up an LLC
    Only problem with that is you're then officially a reseller and now subject to an anual $5,000 state licensing + bonding requirements

  22. #22
    NYYF MVP

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    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by GordonGecko View Post
    Only problem with that is you're then officially a reseller and now subject to an annual $5,000 state licensing + bonding requirements
    Its not just the Yankees tickets, its ALL of your tickets. If you sell more than $20,000 in tickets, I would expect a phone call. They may say 200 transactions but you have to look how they define transaction. Sometimes, a sale is considered two transactions with money coming in and tickets going out in the same deal considered two transactions.


    This news will have even fewer people renewing. especially those of you who own tickets to multiple teams.

  23. #23

    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by sorianoNY12 View Post
    how would stubhub/IRS know if you are selling at loss, breakeven or profit?
    If you get a 1099 from Stubhub, you will have to report your profit/loss to the IRS on your tax return. If you get audited, you will have to produce backup for the numbers you submitted on your return.

  24. #24

    Re: IRS asking Stubhub for your tax info!

    If you have club access, sell the club membership and throw in the ticket for $1.

  25. #25
    NYYF MVP

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    Re: IRS asking Stubhub for your tax info!

    Quote Originally Posted by yankees2010 View Post
    If you have club access, sell the club membership and throw in the ticket for $1.
    That is called a sham transaction and the IRS really frowns on that. If you get audited you are guaranteed a problem.

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