Hey Guys. I know all of you have always reported your earnings from reselling your tickets on StubHub or whatever ticket reselling sites you have used in the past but our buddy Grumpy fan sent me this to and it reminded me you fine folks might know that there was some regulations that have been changed in the tax codes for re selling tickets. The threshold to have to pat was way mored than this $600 limit that is set now.
2022 Form 1099 Regulations Print
Beginning January 1, 2022, the IRS has updated its 1099-K regulations to require all businesses that process payments to file a 1099 for all sellers with more than $600 in gross sales in a calendar year.
In order to generate a complete Form 1099 as required by state and federal tax laws, we’ll need your Taxpayer Identification Number (TIN). Your TIN is typically either your Social Security Number (SSN) or Employer Identification Number (EIN) for businesses.
We encourage sellers to prepare for these regulatory changes by inputting your TIN as soon as possible into your StubHub Account. To enter your TIN:
- Login to your StubHub Account at StubHub.com
- Visit the Settings page under your Profile. Go to Profile, then Settings.
- At the bottom of the page, enter your information under 'Taxpayer Identification Details'
Beginning January 1, 2022, sellers who reach the $600 threshold and do not have TIN information on file will receive an email alerting them to update their information. Payment will be withheld from sellers until TIN information is provided.
If you meet these reporting requirements, we’ll generate a 1099 and send it to you via U.S. Mail at the beginning of each year. The same information will be sent to the IRS and state tax agencies where applicable.