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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