Posted on 09/28/2023 7:27:36 AM PDT by Twotone
People who have made money from reselling tickets to concerts or sporting events this year will face new scrutiny from the Internal Revenue Service (IRS) when it comes time to file their 2023 taxes.
A newly implemented law lowered the tax reporting thresholds for users of e-commerce platforms, including event ticketing websites like Ticketmaster and StubHub, by requiring those platforms to provide information on sellers’ proceeds to the IRS if their ticket sales in 2023 were worth more than $600. The previous reporting threshold applied to users with $20,000 in revenue and more than 200 transactions, but the new threshold can be triggered with just one transaction if it tops $600.
Under the rule, ticketing platforms will be required to report sellers’ proceeds of $600 or more over the course of the year and send them a 1099-K form regardless of whether they earned a profit. However, sellers will only owe additional taxes if they made a profit by selling a ticket for more than they paid for it.
(Excerpt) Read more at foxbusiness.com ...
Im not selling concert tickets for $600. Im selling a dinner package for $600, with some concert tickets thrown in as an appreciation.
Poor scalpers. Breaks my heart. I remember attending a lot of big concerts back in the 60s and only paid the price printed on the ticket.
Unless your name is Biden....
I was making a donation to ukraine by giving someone $600 bucks to do it for me and he gave me tickets as a favor.
I prefer to buy the CD.
This illustrates the problem with doing business through third-party intermediaries. It’s much harder to pass a transaction off as a casual/personal deal if you have someone else involved.
This isn’t just for ticket sellers, it applies to everyone that used these transfer sites. Every transaction over $600 will be reported to uncle sugar.
Same here especially because I buy soundtracks, usually the more obscure ones.
Not a good idea to mess with the Comanche.
$599.99 is going to become a popular sales price.......
Yes I’m sure they all report that income. 🙄
Scalpers on the street won’t be giving you a 1099-K.
As much as he’s a crook, I’m pretty sure he’s not selling concert tickets. What a strange thing to believe.
A friend of our son sold his pair of Taylor Swift tickets and made $5,000 profit! My wife thinks he sold them privately, not through a ticket seller. I sure hope so, otherwise he’s going to get hit with a huge tax bill.
Of course, those 87,000 new agents need something to do, so they’ll start scouring CraigsList for ticket sales and chase down anybody who listed tickets for sale. Once they find you had tickets for sale, they’ll subpoena your bank account information looking for a mysterious deposit. If you just took cash, they’ll inspect your spending habits looking for anomalies. “OK, Joe, where’d you get the money to buy that new car? Your income isn’t high enough for that car. We think you sold the tickets to pay for part of the car. You owe us a LOT of unpaid taxes!!”
I nosed around a bit for TS tickets. Tickets on the secondary market can go for over $20K each for front row tickets. If you are lucky enough to score VIP tickets at $1000 and sell at maybe $10K to the secondary vendor for each ticket that is real cash..
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