On the secondary market, Taylor Swift's The Eras Tour tickets resold for an average price of $2,183.
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.
A certified financial planner said, "Starting at the beginning of next year, you want to make sure you know how to report this income."
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.
Experts say, "While this may be your first time receiving this form, don’t ignore it."
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."
The lower threshold for new tax reporting won't impact personal transactions like ridesharing, gifts, or meals.
However, it will affect many business transactions, experts note