IRS Targets Ticket Resellers And Scalpers Earning Over $600
Hey there, folks, it’s time for some important news that might affect some of you who love going to concerts and events. The IRS, you know, the tax people, have made a change that’s worth knowing about, especially if you’ve ever sold tickets online.
So here’s the deal: If you’ve ever sold tickets to concerts or events on platforms like StubHub, and you made more than $600 from those sales, you now have to report that income to the IRS. Yep, they want to know about it.
KDVR says a new IRS rule requires people earning over $600 from ticket reselling platforms to report their earnings. This affects those selling tickets for Taylor Swift’s “The Eras Tour.” Previously, only sellers, who made $20,000 and had 200 transactions per year were required to report. Now, anyone crossing the $600 threshold will have to pay taxes on their ticket sales. Now, why does this matter? But now, even if you’re just a small-time seller and you make over $600, you’re in the IRS’s spotlight.
Let’s put this into perspective. You might have bought some extra tickets to Taylor Swift’s ‘The Eras Tour’ and sold a few online to make some extra cash. If the total amount you made from those sales is over $600, you’ll have to pay taxes on that money.
So, whether you’re selling tickets to see Taylor Swift or any other event, remember that the IRS is keeping an eye on your earnings, and they want their share. It’s always a good idea to keep track of your income and report it properly when tax season rolls around. Whether you’re a die-hard concertgoer or just occasionally sell event tickets online, the IRS’s new rule affects you. Even small-time resellers need to report earnings over $600, so stay informed and make sure your ticket sales don’t lead to any tax surprises.
Stay tuned for more updates on important topics like this, right here on Magic 98.3!