Anne Steele

speaker

61 appearances 1 recordings 1 series first heard Oct 2023 last heard Oct 2023

Anne Steele’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why the IRS Wants to Know About Your Eras Tour Tickets · 3 Oct 2023 podcast

And if you're a season ticket holder to an MLS team, you could sell those seats for when Messi came to town and essentially recoup the cost of an entire season.

So selling these super high value tickets just became very attractive and often too good a prospect to pass up for some fans this year.

So what we're seeing now is the reporting threshold lowered for ticketing companies to flag to the IRS when any user's transactions hit $600.

So before the reporting threshold was $20,000.

So that was really only affecting professional ticket brokers when it comes to ticket sales.

So these are people who have made an entire business from buying and reselling tickets for a markup.

So there's been that relationship with the IRS and these platforms of sort of communicating and reporting to the IRS that income on a professional level.

Again, these are people who run entire businesses on this.

But what's new now is that sort of like your average Joe seller who's maybe only reselling a couple of tickets a year, maybe just one ticket a year, and it's a really high value one, is more likely to meet the new threshold.

And a ticketing company then needs to report that to the IRS.

To be clear, if you've sold a ticket and profited any amount in the past, that technically always has been considered taxable income that you're supposed to report to the IRS.

But what we're seeing now with these changes is that it's going to be a lot harder to kind of skate through with those.

The IRS wants to capture that income and that revenue.

And so what's the reason for the change?

As part of the coronavirus relief package in early 2021,

The Democrats passed something called the American Rescue Plan Act, and that lowered the threshold on these essentially digital transactions that we're seeing.

And so the idea is to capture more money and have more Americans paying more taxes on all types of income that come from digital transactions.

Right, it's a lot broader than that.

Payment processors like Venmo and the sort of gig economy platforms like eBay, Etsy, Rover are also affected.

We'll see folks who resell vintage clothing and walk dogs and things like that all affected by this as well.

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