Louisiana Ticket Sellers Will Be Taxed More on Resold Tickets

We have all seen the record-breaking ticket sales for live events continue to skyrocket. Taylor Swift fans are among those who have experienced the insane resale value of tickets worth $250 on average being sold for $2000 each.

Even Lionel Messi fans are dishing out thousands of dollars to see him play in person. With insanely sought-after tickets for tours like Beyonce's "Renaissance Tour" and Taylor Swift's "The Eras Tour" pricing out dedicated fans on the resale market, a long-over-do change is finally in the works for concertgoers and sports fans.

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Scalpers have officially gotten the IRS's attention. In the past ticket sellers had to report earnings if they made over $20,000 in 200 transactions per year. Now with this new tax regulation, anyone who profits over just $600 via Venmo, CashApp, Ticketmaster, or StubHub is legally required to report those earnings to the IRS. It's no surprise that we are seeing this change in the wake of two massive record-breaking tours from the music industry's biggest stars, Taylor Swift and Beyonce of course.

Regardless of how many transactions, anyone who makes $600 and up will have their earnings reported to the IRS.

Anyone who eclipses that $600 threshold can expect to receive a 1099-K tax form. This applies to everything from concert tickets to a side hustle on Etsy or Venmo. It is not meant to include reimbursements

According to the Wall Street Journal, they are estimating up to 44 million of these forms for the 2023 tax year, which is four times the amount received back in 2021. There were efforts to restore the old $20,000 threshold. Senators Sherrod Brown and Bill Cassidy attempted to have it raised to $10,000 however they were not successful.