A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.
“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 fact sheet. “The $600 reporting threshold started with tax year 2023. There are no changes to what counts as income or how tax is calculated.”
The Journal reports that the average price for tickets to Swift’s The Eras Tour was a massive $1,095, citing figures from StubHub, which specializes in resale tickets, the average prices for Beyonce’s and Harry Styles’ respective tours hit $380 and $400. Concerts are not the only offenders, however, as tickets to Inter Miami CF soccer matches ballooned to $250 from $30 after Lionel Messi joined Major League Soccer.
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