THE BUZZ!
The IRS Will Tax People Who Resold Concert Tickets, per New Law
Next,
There is a new scalper’s tax coming. The IRS has a new law that affects those who re-sell concert tickets.
A new law that will require ticket resellers who made more than $600 in 2023 to pay taxes on their profits. This law is part of the American Rescue Plan Act and will be enforced by requiring companies like Ticketmaster and StubHub to report resale transactions to the IRS.
Starting in tax year 2023, payment apps and online marketplaces will be required to report to the IRS any payments you receive for goods and services that total more than $600. This is a change from the previous threshold of $20,000 and 200 transactions.
It’s important to note that this new rule does not change what counts as income or how tax is calculated. You will still only need to pay taxes on the profits you make from your business or side hustle.
And we will see if this has any impact on the value of tickets being resold at astronomical prices.
Source: Complex
