I sold a Taylor Swift ticket on StubHub in December 2022, but I won't receive the money from my sale until May 2023 due to StubHub rules. Which tax year will this income apply to?
AI accountant’s answer:
For tax purposes, income is generally considered earned when you have the unrestricted right to receive it. Since you sold the Taylor Swift ticket in December 2022, it would typically be considered income in the 2022 tax year, even though you'll receive the money in May 2023. Make sure to report the income on your 2022 tax return.
A tax pro reviewed this answer:
Since individual taxpayers are taxed on cash received during the year, the seller would not pay anything for their 2022 taxes since they weren't paid by StubHub.
Not Correct.
Keeper’s AI Accountant V2
V2 is still a fine-tuned instance of GPT-4. Improvements over V1 include more comprehensive tax code embeddings, and a better chain-of-reasoning retrieval system.