The IRS has once again pressed the snooze button on ticket reseller reporting requirements. This is the second time they’ve pulled this eleventh-hour delay. So, what does this mean for ticket resellers? Well, They can breathe a sigh of relief and keep on flipping those tickets without worrying about getting a surprise tax bill in the mail. For now, at least.
Resellers that use transactional platforms such as Venmo, Ticketmaster, and Stubhub would be affected by the new requirements. The IRS claimed that the delay in changes should “help smooth the transition and ensure clarity for taxpayers, tax professionals, and industry”.
Don’t get too comfortable, as this delay doesn’t mean the IRS has given up on this idea altogether. They’re pushing it back to 2024 and they’re starting with a higher threshold of $5,000 instead of the originally proposed $600.
As for everyone else, they’re still liable for 1099-K forms if you made more than $20,000 or had more than 200 transactions in 2023.
[H/T] Digital Music News
