Taylor Swift is going on tour, and it appears there isn’t a single person on the planet who doesn’t want to see her. So, there’s a bit of a ticket shortage.
StubHub is listing tickets costing up to $4,000 to be near the stage. Every show, in every stadium in every venue, is sold out, so the only way to get tickets is on the second-hand market.
But the IRS has a message for scalpers and the re-sellers looking to make a big profit: “we’re watching you.”
The American Rescue Plan Act of 2021 lowered the threshold for reporting transactions through third-party sellers. The limit is now $600, so the income must be reported if tickets are sold for more than that.
When you see that the cheapest tickets for seats in the upper deck of her show at MetLife Stadium in May are going between $500 to $1,300, it’s a new law that people might want to pay attention to.
A report in the New York Post said her show in the Phoenix area in March has cheap tickets selling for $315 and the top seats listed at $9,000.
For all the brokers selling tix through Venmo, Cash App, and PayPal, they will be receiving a 1099-K tax form.
She’s touring the country – hitting 20 cities from coast to coast. It’s going to be a multi-billion-dollar spectacle. And Uncle Sam has his hand out and is looking to get his cut as aggressively as the ticket sellers.
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