If You Resold Taylor Swift Eras Tour Tickets, the IRS Is Watching
gizmodo.com
A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.

If you resold Taylor Swift Eras Tour tickets, the IRS is watching — A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty::A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.

    • cryostars@lemmyf.ukEnglish
      211·
      9 months ago

      Yes and often times way more than that. I checked prices for a Tool concert at a venue near me a few weeks ago and the section closest to the stage had tickets reselling for thousands of dollars. Obligatory fuck Ticketmaster…

    • variaatio@sopuli.xyzEnglish
      12·
      9 months ago

      Well as per article yes, but 600$ is the reporting limit. If Ticketmaster, stubhub and so on has a reseller account with sales income of more than 600$ per year, they have to file it to IRS. Whether its single sale or thousands of separate small sales doesn’t matter.

      Completely normal tax procedure. Pretty much all big such platforms of various fields stock exchanges, commodity markets etc. have such obligation ledges on them for avoidance of tax evasion.

      Nor as second note is anyone being “punished”. Punishing is what happens on breaking law. This is business taxes, you make profits selling stuff, income taxes start applying. Normal cost of doing business in society for the services society provides (national military keeps the Mongol horde from wrecking your business and so on, transport atluthority builds roads to run business trucks on so the music tour entourage can get to the arena, so one can sell tickets to that conce for profit and son on).

      • solstice@lemmy.worldEnglish
        6·
        9 months ago

        Yeah this is completely normal and not at all anything to flip out about. Honestly I’m surprised the reporting threshold was ever $20k to begin with. The 1099 reporting threshold for contractors has been $600 for over a decade now so I would’ve assumed the same for scalpers.

    • jazzy_jeremy@lemm.eeEnglish
      3·
      9 months ago

      This was me a couple years ago but apparently scalpers resell tickets for THOUSANDS. My SO managed to snag a few for their MSRP which is reasonable but they sell out instantly and apparently there’s a market for them at those highly scalped prices. I don’t agree with it but 🤷‍♂️

          • zettajon@lemdro.idEnglish
            2·
            9 months ago

            I get by for 2 people on $50 per week in NJ near NYC by:

            1. Shopping at Aldi
            2. Going vegetarian unless eating out (rarely). Meat is very expensive, but many of my favorite produce is not much more expensive than before inflation started. We switched to egg whites from Costco instead of paying crazy prices for a dozen whole eggs.
            3. Learning how to cook healthy. Spinach, red onions, tomatoes, bagged legumes, whole wheat pasta are all dirt cheap
            • Guest_User@lemmy.worldEnglish
              1·
              9 months ago

              Oh sure $25 seems doable without any major losses. But $1 a day for extended periods for an entire family sounds really hard to sustain. But given their reply it seems they have a lot of other food sources they are considering free which makes those numbers make more sense.

              Totally agree meat can be a luxury item although there can be good sales at times. And cooking instead of eating out is a massive money saver!

          • kingludd@lemmy.basedcount.comEnglish
            21·
            9 months ago

            I produce a lot of my own and mainly buy things like sugar and salt. When you live a low income/low cost lifestyle you kind of get sticker shock with how much people shell out for things.