Dave: Thank you so much. 😉 I must admit I could have read the tax code from front to back, multiple times, and never would have come up with that solution! Unfortunately, there may be literally thousands of folks who encounter the same issue this year. This is because the IRS lowered the reporting threshold from $20,000 to $600!!
UPDATE: I just stumbled upon the following: (which tells me I "may not" have to report the $1,900 on the 1099K form from Ticketmaster). Now thinking I may wait a bit before filing or just not report this 1099-K. Worst case (hopefully unlikely) I'll need to file an amended return down the road.
Updated January 3, 2023: Frequently asked questions about Form 1099-KPDF
IR-2022-226, December 23, 2022
WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.
As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021........
....Additional details on the delay will be available in the near future along with additional information to help taxpayers and the industry. For taxpayers who may have already received a 1099-K as a result of the statutory changes, the IRS is working rapidly to provide instructions and clarity so that taxpayers understand what to do.
The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect.
