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The IRS is cracking down on those who resell tickets with a new law that will require "companies, such as Ticketmaster and StubHub, to report if customers sold more than $600 in resale tickets in 2023." So this means anyone who sold tickets to events like Beyoncé and Taylor Swift's tours will be getting taxed on their profit.
"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," the IRS said in a statement. "The $600 reporting threshold started with tax year 2023. There are no changes to what counts as income or how tax is calculated."
Before companies would have to send a 1099-K form to anyone who made more than $20,000 through 200 or more transactions in a year. Do you think this will prevent ticket scalpers from reselling tickets to fans who actually want to see their favorite artist? Click here for more.