Resellers who profited from selling tickets to popular concerts and sporting events this year, including Taylor Swift, Beyoncé, and Lionel Messi, will now have to pay taxes on their earnings due to new rules for the 1099-K form.
The 1099-K form specifically targets payments received from credit and debit cards, gift cards, and third-party payment networks and online marketplaces. This means that ticket-selling platforms like StubHub and Ticketmaster fall into the taxable income category.
Resellers were the hotshots of the live events scene this year, making a killing from selling tickets to Taylor Swift’s Eras Tour, Beyoncé’s Renaissance Tour, and even Lionel Messi’s soccer games.
This new tax rule can be seen as a way to bring justice to those who had to shell out large sums of money to buy tickets from scalpers. On the other hand, it’s just another thing for resellers to add to their IRS tab.
Original article https://www.tmz.com/2023/09/28/taylor-swift-beyonce-lionel-messi-ticket-resellers-report-earnings-irs-taxes/