North Carolina If You Resold Taylor Swift or Beyoncé Tickets Be Prepared To Pay Taxes On That Amount
If you are one of the countless people who bought Taylor Swift or Beyonce tickets and resold them there are two things you should know- one you will have to pay taxes on that amount. And second, you are what’s wrong with this world and I do not like you. But back to that first point. According to the Wall Street Journal a new law from the IRS will require ticket seller marketplaces like Ticketmaster and Stubhub to submit information to the IRS on sellers if they made more than $600 reselling tickets this year. Which is consistent with when we do giveaways of tickets. If you win more than $600 you will be taxed on those winnings.
Regulations on Resold Tickets And Taxes
The previous regulations required 1099-K forms for users who made more than $20,000 through 200 or more transactions in a year. This new law is part of the American Rescue Plan Act. The amount is now $600 regardless of the number of sales. However, sellers will only need to pay taxes on the profit. As someone who adamantly opposes ticket scalping for profit, I fully support this decision. However, it is hardly enough to solve the problem. In my opinion ticket scalping should be outright illegal and the only option for reselling tickets should be through Ticketmaster at the exact cost the tickets were purchased for.
And if you are ticket scalping for profit at the expense of fans who desperately want to see their favorite artist, I kindly say F-you. I hope you enjoyed the profit you received on those resold tickets and perhaps paying taxes on them will make you think twice about doing it again. And yes, my biggest issue is with lawmakers and Ticketmaster for allowing this to happen. They could easily cancel any tickets that show up on resell sites but they do not. Scaplers are taking advantage of this and it is legal. But what is legal isn’t alway moral, and nothing anyone can say will change my mind in this situation. Yes, I’m a Taylor Swift fan. And yes I did actually get Eras Tour tickets at least the first time around. I can still think it’s wrong.
You can read more from the Wall Street Journal here.
