The Future. If you made a profit of $600 or more reselling tickets to see Taylor Swift in concert or Lionel Messi play for Miami, you’ll owe taxes on it next year. The new law will likely take many casual concertgoers who parted with their tickets by surprise… let alone anyone who has gotten in the habit of selling collectibles on eBay or freely sending money on Venmo.
The IRS is coming for your StubHub profits.
- Per the American Rescue Plan Act (the 2021 COVID relief package), anyone who’s made $600 or more on a resale platform will have to pay taxes on their profits.
- Platforms like Ticketmaster, StubHub, eBay, Venmo, and Etsy will now have to collect your tax information and send a 1099-K form to sellers.
- But sellers will be held responsible for tracking how much they sold tickets for.
With an unusually high volume of fan resales this year — StubHub says individual Eras tour resales accounted for double the proportion of resales they typically see, with tickets selling for an average of $1,095 — a lot of concertgoers will owe taxes this year. TickPick says it estimates it’ll send out 10x as many 1099-Ks than it has in previous years.
Previously, this rule only applied to those who made above $20,000 for 200 or more transactions, which pretty much only affected professional ticket brokers. The House Ways and Means Committee wants to revert to that old threshold, while a bipartisan bill in the Senate wants to compromise at a threshold of $10,000 and 50 transactions.
In other words, your 2024 tax bill may be as singular as TSwift’s Eras tour itself.