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Selling Taylor Swift tickets for profit? There's tax information you should know about

Stellar Snippets

On the secondary market, Taylor Swift's The Eras Tour tickets resold for an average price of $2,183.

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Resellers should be ready for potential Form 1099-K from the IRS next tax season, as they are likely to surpass the new reporting threshold.

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A certified financial planner said, "Starting at the beginning of next year, you want to make sure you know how to report this income."

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Taxpayers who earned over $600 in business payments through e-commerce platforms like Ticketmaster, eBay, Venmo, and PayPal will receive Form 1099-K this tax season.

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Experts say, "While this may be your first time receiving this form, don’t ignore it."

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A certified public accountant said that those who earned over $1,000 reselling Taylor Swift tickets“easily exceed that threshold of $600 for this year."

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The lower threshold for new tax reporting won't impact personal transactions like ridesharing, gifts, or meals. 

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However, it will affect many business transactions, experts note

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