New IRS rule targets ticket resale market

THE I-R-S IS CRACKING DOWN ON PEOPLE  WHO ARE RESELLING CONCERT TICKETS FOR PROFIT.

A NEW I-R-S REGULATION WILL REQUIRE TICKET-RESELLING PLATFORMS SUCH AS SEATGEEK AND STUBHUB TO FILE INFORMATION ON ANY USERS WHO RESOLD TICKETS TO THE TUNE OF 600 BUCKS OR MORE THIS YEAR.

THE NEW RULE COMES AS A **RECORD NUMBER OF EVENT TICKETS WERE SOLD THIS YEAR.

FANS SHELLED OUT THOUSANDS OF DOLLARS FOR TICKETS TO SEE THEIR FAVORITE STARS.

AND THOSE WHO RESOLD TICKETS TO EVENTS LIKE THE TAYLOR SWIFT ERAS TOUR – BEYONCE’S RENAISSANCE TOUR — OR TO SEE SOCCER STAR LIONEL MESSI – WILL BE SUBJECT TO THE NEW REGULATION.

TO PUT THE PRICES IN PERSPECTIVE- THE AVERAGE TAYLOR SWIFT CONCERT TICKET SOLD FOR 16 HUNDRED DOLLARS ON SEATGEEK.

WHICH MEANS IF A PERSON SOLD JUST ONE TICKET AT THAT PRICE –

THEY SHOULD EXPECT TO RECEIVE A “10-99-K TAX FORM” THIS YEAR.

BEFORE THIS YEAR – TICKET RESELLING PLATFORMS ONLY HAD TO REPORT SELLERS WITH REVENUES OF *20 THOUSAND DOLLARS OR MORE ACROSS 200-PLUS TRANSACTIONS.

NOW – 600 DOLLARS IS THE THRESHOLD, WITH NO MINIMUM NUMBER OF TRANSACTIONS.

BECAUSE OF THE DRASTIC DIFFERENCE  –

THE I-R-S EXPECTS TO COLLECT TAXES ON **QUADRUPLE THE NUMBER OF SELLERS FROM YEARS PAST.

THIS NEW I-R-S REGULATION WAS PART OF PRESIDENT JOE BIDEN’S “AMERICAN RESCUE PLAN ACT.”

THE BIDEN ADMINISTRATION ADVOCATED FOR THE TAX RULE, CALLING IT A CRACK DOWN ON THE WEALTHY.

BUT REPUBLICANS ARGUED – THE LOWER THRESHOLD WOULD IMPACT MIDDLE CLASS AMERICANS.

THERE ARE BILLS IN BOTH THE HOUSE AND THE SENATE THAT WOULD INCREASE THE THRESHOLD.

BUT THOSE EFFORTS HAVE STALLED SO FAR.