Saturday, September 23, 2023

The IRS Knows If You Made Money Reselling Tix for Eras Tour

If you cashed in this summer by reselling tickets to Taylor Swift’s “Eras Tour” or Lionel Messi’s first games in a bubblegum-pink jersey, brace yourself to pay taxes. 

The Wall Street Journal reports a new law requires ticketing platforms like Ticketmaster and StubHub to give the Internal Revenue Service information on users who sold more than $600 worth of tickets this year. 

The new requirements are taking hold amid a banner year for live events in which Swifties, soccer buffs and members of Beyoncé’s BeyHive paid sky-high prices for a chance to see their favorite stars in the flesh. That drove huge markups in the secondary ticket market—and delivered hefty profits to anyone hawking hot tickets.

The average price for Taylor Swift tickets sold in the U.S. on StubHub was $1,095, with the best seats going for thousands of dollars, according to the company, which operates an online market for people to resell and buy tickets. Averages for Beyoncé and Harry Styles clocked in at $380 and $400, respectively. After Lionel Messi joined Major League Soccer, the price of tickets to Inter Miami CF matches shot up to $255 apiece, from $30. 

There was an unusually high number of fan ticket resellers this year, StubHub said. Fan sellers, as opposed to professional ticket brokers, have accounted for about 70% of U.S. “Eras Tour” ticket orders—double the proportion of what the company normally sees.

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