A brand new IRS regulation will goal ticket resellers who make over $600 from high-profile occasions.
It would require firms like Ticketmaster and StubHub to report such gross sales in 2023, changing the earlier $20,000 threshold for reporting.
The revised regulation, an American Rescue Plan Act element, requires sellers to pay taxes on their earnings.
“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,” mentioned 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 followers’ dismay over scalpers driving up ticket costs for excursions by artists like Beyoncé, Taylor Swift, Drake, and 21 Savage, the IRS has launched a brand new regulation to deal with the difficulty of excessive resale ticket costs.
Fans have been upset as resellers drove up ticket costs for concert events by Beyoncé, Taylor Swift, Drake, and 21 Savage. Resale costs reached $1,095 for Swift, as much as $900 for Beyoncé, and over $800 for Drake and 21 Savage.
According to experiences, Ticketmaster blamed ticket scalping on bots and launched a tiered ticket buy system for the Renaissance tour. To meet demand, extra reveals have been added to the tour.
The publish IRS To Tax People Who Resell Concert Tickets appeared first on Baller Alert.