If You Resold Taylor Swift Eras Tour Tickets, the IRS Is Watching
gizmodo.com
A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.

If you resold Taylor Swift Eras Tour tickets, the IRS is watching — A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty::A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.

  • LCP@lemmy.worldEnglish
    1·
    1 year ago

    I understand wanting to go after scalpers, but the $600 limit isn’t specifically for ticket reselling websites - it includes transactions not categorized under “Friends and Family” on places like PayPal as well.

    I use various cashback websites who pay out via PayPal and I’m starting to get close to the limit. As soon as I cross it, I either have to give PayPal my SSN or have 24% withheld by the IRS.

    If a friend accidentally sends me money via “Goods and Services” instead of “Friends and Family” on PayPal and puts me over the threshold, I’m the one in trouble.