IRS Implements New Rule to Tax Concert and Event Ticket Resellers
TL;DR Summary
The IRS has implemented a new rule that lowers the tax reporting thresholds for users of e-commerce platforms, including ticket reselling websites like Ticketmaster and StubHub. Under the new rule, platforms will be required to report sellers' proceeds of $600 or more to the IRS, regardless of whether they made a profit. This change may cause confusion among concertgoers and sports fans who have bought and sold tickets in 2023. Lawmakers are considering changes to the reporting threshold, but it is uncertain whether any changes will be made before the 2023 tax season.
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