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A new IRS law will target ticket resellers who make over $600 from high-profile events.
It will require companies like Ticketmaster and StubHub to report such sales in 2023, replacing the previous $20,000 threshold for reporting.
The revised law, an American Rescue Plan Act component, requires sellers to pay taxes on their profits.
“Payment apps and online marketplaces are required to file a Form 1099-K if the gross payments to you for goods and services are over $600,” said the IRS. “The $600 reporting threshold started with tax year 2023. There are no changes to what counts as income or how tax is calculated.”
In response to fans’ dismay over scalpers driving up ticket prices for tours by artists like Beyoncé, Taylor Swift, Drake, and 21 Savage, the IRS has introduced a new law to address the issue of high resale ticket prices.
Fans were disappointed as resellers drove up ticket prices for concerts by Beyoncé, Taylor Swift, Drake, and 21 Savage. Resale prices reached $1,095 for Swift, up to $900 for Beyoncé, and over $800 for Drake and 21 Savage.
According to reports, Ticketmaster blamed ticket scalping on bots and introduced a tiered ticket purchase system for the Renaissance tour. To meet demand, more shows were added to the tour.
The post IRS To Tax People Who Resell Concert Tickets appeared first on Baller Alert.
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