It doesn’t matter if the person reselling the tickets turned a profit, only that they sold more than $600, Fox Business reported. If they made a profit by selling it for more than they originally paid, the ticket seller would have to pay additional taxes.
ExpandFILE PHOTO: If you sold tickets for concerts such as Taylor Swift's"Eras" tour, you may have a tax bill waiting.The taxman may be coming after your profits if you resold tickets this year.After such high-priced events as Taylor Swift’s “Eras Tour,” the IRS is looking to get its piece of the resale pie.
A new law has companies like Ticketmaster and StubHub reporting users to the IRS if they sold more than $600 worth of tickets this year,It doesn’t matter if the person reselling the tickets turned a profit, only that they sold more than $600,reported. If they made a profit by selling it for more than they originally paid, the ticket seller would have to pay additional taxes.
The average price for Swift tickets was $1,095. Beyoncé's tickets went for $380 and Harry Styles were $400, according to theThe reporting threshold was changed from $20,000 via 200 or more transactions to $600 under the American Rescue Plan Act. The IRS will issue guidance for taxpayers who may receive the 1099-K form,
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