“If you resold a Taylor Swift ticket for a profit, prepare to pay taxes…”
October 3, 2023
“Taylor Swift fans forked out an average $2,183 for a resold ticket to a concert on the superstar’s The Eras Tour, according to resale research site TicketIQ. Now, ticket resellers may owe taxes on profits made during what may turn to be — for them, at least — a rather “cruel summer.”
Ticket profits have always been taxable, but the new IRS reporting threshold for business transactions on third-party platforms, such as Ticketmaster or eBay, is now a single payment of $600, down from 200 transactions worth an aggregate of more than $20,000…”