Attention Ticket Resellers: Uncle Sam Says The Party is Over
Photo: KRON4.com; Ticketmaster Uncle Sam (Govt. Name: IRS) is saying the party is over to people who make their living hoarding concert or sporting event tickets and reselling them online. Resellers this year will be scrutinized by Uncle Sammy (IRS) when they file their taxes as a new law has been implemented that takes effect this tax year. The new law lowered the tax reporting threshold for users of e-commerce platforms including Ticketmaster and Stub Hub. According to Fox Business, “The IRS is requiring these types of platforms to provide info on sellers’ proceeds to the IRS if their ticket sales are more than $600 in one year (previously the threshold was $20,000 in revenue and more than 200 transactions). The new change to the threshold will be triggered with just one transaction if it goes over $600 limit.” So what does all this mean? Ticketing platforms will now be required to report sellers’ proceeds of $600 or more over the course of a year and send them a 1099-K f