Name: Why the IRS Wants to Know About Your Eras Tour Tickets
Uploaded: 2023-10-03T21:17:00Z
Duration: 7 min 33 s
Description: A new tax law requires ticketing platforms like Ticketmaster and StubHub to give the IRS information about ticket sales over $600. After a year of expensive tours and live events, resellers could be in for a surprise come tax season. WSJ music industry reporter Anne Steele joins Ariana Aspuru to discuss. Photo: Kevin Mazur/Getty Images

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A new tax law requires ticketing platforms like Ticketmaster and StubHub to give the IRS information about ticket sales over $600. After a year of expensive tours and live events, resellers could be in for a surprise come tax season. WSJ music industry reporter Anne Steele joins Ariana Aspuru to discuss. Photo: Kevin Mazur/Getty Images

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Why the IRS Wants to Know About Your Eras Tour Tickets

Ariana: Here's Your Money Briefing for Tuesday, October 3rd. I'm Ariana Aspuru for the Wall Street Journal filling in for J.R. Waylon. After a booming year for live events a new tax law could impact people who resold their tickets at a hefty price. Wall Street Journal music industry reporter Anne Steele joins me. So Anne, for people trying to see big names like Taylor swift, Beyonce, or Lionel Messi, what was it like trying to buy a ticket?

Anne: These were the hottest tickets with the highest demand this year. So these were really, really tough tickets to get, and if you did get them, you were likely paying a huge markup on the secondary market for these shows and games. The average price for a Taylor Swift Aris tour ticket on StubHub was over a thousand dollars. And really the best seats were going for multiple thousands of dollars. People were paying $2,000 for nosebleeds by the time this tour really got going, and it became just this cultural touchstone event. The average for Beyonce was $380, $400 for Harry Styles. And after Messi joined the MLS, the price of tickets to enter Miami matches shot up to $255. Previously, I think the average was like $30. So significant markup.

Ariana: Yeah these ticket prices are through the roof. What's driving these big prices?

Anne: This is just good old supply and demand. There is just not enough of Taylor swift to do enough shows to accommodate all of the people who want to go and see her. So that just increases the value of those tickets. So we are just seeing so much demand for these shows, especially after the pandemic, people are ready. They have been ready to come out and see their favorite acts again on the road and they're willing to shell out for it.

Ariana: And a lot of those are the price for resale tickets, correct?

Anne: Yeah, so if you were a lucky fan who scored six face value tickets to the Aris tour, maybe you kept three or four tickets, you went with your best friends, and maybe you sold the others and covered the cost of not only those tickets but some merch for yourself. 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.

Ariana: And so this new tax law we're talking about is specifically targeting people who sold these tickets.

Anne: So what we're seeing now is the reporting threshold lowered for ticketing companies to flag to the IRS when any users 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 gonna be a lot harder to kind of skate through with those. The IRS wants to capture that income and that revenue.

Ariana: And so what's the reason for the change?

Anne: As part of the Corona Virus 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.

Ariana: So it's not just concert or sporting tickets that are affected, right? Who else could be impacted?

Anne: 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.

Ariana: And so I know we were talking earlier about people who sold their tickets for way more than they initially bought them for. What about for people who sell their tickets for less than they paid for it? Is this sort of thing being flagged as well?

Anne: Any time that a transaction value or total transaction values add up to $600, that sort of triggers the 1099 K form needing to be sent out by these platforms. If you sold a ticket at a loss, in that case, there's no profit to pay tax on, but you'll still get a form. And on the flip side, the loss is not deductible and resellers can't offset gains on some transactions with losses on others. So even if it's a loss, you may still have to report that on your tax return.

Ariana: And I can imagine, you know, with this threshold being lower a lot more forms are gonna have to get filled out. Is IRS sort of preparing for this influx of people doing these transactions?

Anne: Absolutely, this law has already been pushed back a year once, but at this point, the IRS is getting ready for this and having consumers prepare and having these platforms prepare to send out these forms and have the IRS receive them and have this be more reportable income.

Ariana: So what does the IRS do with this information?

Anne: The IRS is now just gonna have a lot more information on these sort of smaller transactions and smaller amounts of income that people are making, often in side hustles or just one-offs. So the IRS is gonna have that information and they are going to want you to pay taxes on it.

Ariana: I can imagine not everyone's on board with this. So what do critics of the new law say about it?

Anne: Opponents say this will be quite a burden for companies and platforms and also just confusing for consumers and taxpayers. Many critics think the threshold should be higher than $600. Currently a bill in the Senate would set it at $10,000.

Ariana: So given the average price of these tickets and the umbrella of transactions included in this law, we talked about online resellers, we talked about people selling clothes online. A lot of people could be affected by this. So what should people look out for so they don't miss anything come tax season?

Anne: People should look out for this 1099 K tax form. It's gonna be the first time a lot of folks are getting this, so if they resold tickets or clothing or whatever, they should also keep record of everything. There's gonna be some math to do, and I don't think this is gonna make tax season any more fun for anyone.

Ariana: That's Wall Street Journal music industry reporter Ann Steele. And that's it for your Money Briefing. Today's show was hosted and produced by me, Ariana Aspuru, with supervising producer Melanie Roy. We'll be back tomorrow morning. Thanks for listening.

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