Folks who made a killing reselling tickets to some of the year’s hottest concerts like Taylor Swift, Beyoncé — or even big sporting events like Lionel Messi‘s Miami games — are gonna have to pay up, courtesy of the IRS.
New rules for the 1099-K form say those who unloaded tickets on StubHub or Ticketmaster, selling more than $600 worth of tickets this year, are now required to put the earnings down as taxable income.
The 1099-K form focuses on payments received from credit and debit cards, gift cards, and third-party payment networks and online marketplaces — which fits Ticketmaster and StubHub right in that lineup.
As you know, resellers were practically top dogs in the world of live events this year … whether it be selling back to Swifties at the Eras Tour, or fans of Queen Bey wanting to go to her Renaissance Tour.
Even tickets for Messi’s soccer games were getting resold for a steep markup.
Of course, ya could look at this as just another thing to give up to the IRS … or, as justice for those who paid thousands for tickets from scalpers.