A new IRS rule will tax Taylor Swift and Beyonce concert ticket resellers who earned more than $600.
New IRS Rule Will Tax Big Concert Ticket Resellers with Over $600 Earnings Regardless of Numbers of Transactions
Under the American Rescue Plan Act, a new IRS rule will tax resellers of big concert tickets, including Taylor Swift’s and Beyonce’s concerts, and will require organizations such as Ticketmaster and CashApp to report if resellers earned more than $600 based on the new IRS rule.
According to a report published in WNCT, the new IRS rule was implemented after big concerts continued in various states, wherein thousands of fans of famous stars flocked to buy tickets from numerous ticket resellers just to see their favorites, leading to the new IRS rule effectiveness.
Before the new IRS rule, ticket resellers were only required to report their earnings if they had over $200,000 income and made at least 200 transactions every year; however, the new IRS rule now requires resellers who earned over $600 regardless of the number of transactions to report their earnings.
New IRS Rule to Require Ticketing Platforms to Report Any Ticket Resellers with Over $600 Earnings
With the new IRS rule, different ticketing platforms, such as Venmo, would need to report any ticket resellers earning over $600 to receive a tax form, Secret NYC reported.
The new IRS rule was initially expected to be effective in 2023 tax returns, but the agency had to delay it due to a lack of clear instructions and some people opposing the new IRS rule because of the big changes.