New IRS Rule Affects Concert Ticket Resellers

Zach Bryan. Photo: Courtesy of Shore Fire Media

A new ruling issued by the Internal Revenue Services (IRS) will now require ticketing companies to report if customers sold more than $600 in resale tickets in 2023. Previously, ticketing sites had to send a 1099-K form to sellers who made over $20,000 through 200 or more transactions.

The threshold was lowered to $600 by the American Rescue Plan Act of 2021 and made the change effective with the 2023 tax year. The Act did not make any changes to what is considered income nor how the tax is calculated.

This ruling includes proceeds from payment apps, online marketplaces, and third party settlement companies.

This law that comes on the heels of the American Rescue Plan Act, states that sellers pay taxes on the profits they made over the year, and follows popular tours such as Taylor Swift’s “The Eras Tour,” Beyonce’s “Renaissance Tour” and Zach Bryan‘s “The Burn, Burn, Burn Tour,” all of which had resale tickets listed for thousands of dollars on third-party resale sites.

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Liza Anderson

As Subscription Manager/Writer, Liza Anderson contributes to many functions of MusicRow. She produces content, carries out general office tasks, assists in the daily news operations, and provides support to all team members. Liza graduated from the University of Alabama in May of 2021 with a B.A. in English and a minor in communication studies. Prior to MusicRow, she worked as an administrative assistant at Anderson Benson where she assisted the firm’s departments, such as the Entertainment Specialty Practice, with various tasks.

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