Broadway Ticket Scalpers Will Soon Need to Report Sales to the Government
The rule will force resale ticket platforms including Ticketmaster and StubHub to report any users who made more than $600 from selling tickets in 2023
By: Stephi Wild Oct. 17, 2023
A new rule will require ticket scalpers to reveal their sales, including those of Broadway tickets. According to Forbes, this rule is part of the American Rescue Plan Act, and will force resale ticket platforms including Ticketmaster and StubHub to report any users who made more than $600 from selling tickets in 2023 to the U.S. Internal Revenue Service.
Each reseller will also be required to file a Form 1099-K and could pay additional taxes on any profits.
This rule is a revision to a previous rule that required platforms to only report users who resold tickets for more than $20,000 and were involved in more than 200 transactions.
Some companies are already fighting against this. StubHub has joined the Coalition for 1099-K Fairness interest group, which is fighting to reinstate the previous higher reporting threshold.
U.S. Congress’ Joint Committee on Taxation estimates that reversing the rule would lead to about $9.7 billion in lost revenues for the federal government between 2023 and 2033.
Read the original story on Forbes.
About The American Rescue Plan
The American Rescue Plan is delivering direct relief to the American people, rescuing the American economy, and starting to beat the virus. For a full overview of what’s in the plan, click here.
Videos