People who make more than $600 from reselling tickets to be taxed in the US
People who make more $600 (£490) on ticket resales will be taxed in the US, according to the Internal Revenue Service. The IRS is set to crack down on scalpers with a new law that will ensure large amounts of income from resales are taxed, as reported by the Wall Street Journal. In line with the new law – which is part of the American Rescue Plan Act – companies such as Ticketmaster and StubHub will have to report if customers sold more than $600 in resale tickets in 2023. Advertisement Companies initially had to send a 1099-K form – an information return that reports the gross amount of reportable “payment card and third party network transactions” for the calendar year – to those who made more than $20,000 (£16,340) through 200 or more transactions in a year. Now, that number will change to $600. “Payment apps and online marketplaces are required to file a Form 1099-K if the gross payments to you for goods and services are over $600,” the IRS said in a statement. “The $600 reporting threshold started with tax year 2023. There are no changes to what counts as income or how tax is calculated.” Taylor… Read More →
