Wednesday, November 29, 2023

Taylor Swift ticket sellers must pay tax

Taylor Swift sparked an unprecedented demand for tickets to “The Eras Tour” when she announced her world tour later in 2023. Fans of the 33-year-old singer will have to wait five years to see him live and all tickets are sold out. control of Ticketmaster in the United States.

Due to the high demand, there were many system failures and many people were left without the opportunity to buy tickets during the pre-sale. They have to choose to buy it in resale and the prices to see Taylor Swift in different states of the North American country range between 2 thousand and 20 thousand dollars.

Read Also:  Ernesto D'Alessio is officially divorced, but is said to still be in love with Charito Ruiz

They must pay taxes in 2024

Average tickets for “The Eras Tour” are resold at an average price of $2,183 on the secondary market, but they may pay taxes next year. According to certified financial planner Tommy Lucas of Moisand Fitzgerald Tamayo, resellers may receive Form 1099-K from the IRS next tax season.

“Starting early next year, you have to make sure you know how to report this income,” Tommy Lucas said. The reason is because they tend to exceed the new reporting threshold for commercial transactions on platforms such as Ticketmaster, eBay, Zelle, Venmo or PayPal. In this case if the profit exceeds $600, compare to 200 transactions with a total value of more than $20,000.

Read Also:  "Now And Then" broke sales records

People who made more than $1,000 reselling Taylor Swift tickets “quickly surpassed that $600 threshold for this year,” said CFP James Guarino, managing director of Baker Newman Noyes in Boston. He is also a certified public accountant. People are encouraged to keep a record of sales transactions.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news