If you resold a Taylor Swift ticket for a profit, prepare to pay taxes. Here's what to know
Publishing timestamp: 2023-10-02 16:49:01
Summary
The article discusses how ticket resellers may need to prepare for potential tax obligations on profits made from reselling tickets, particularly in relation to Taylor Swift's Eras Tour. The IRS has implemented a new reporting threshold for business transactions on third-party platforms, and resellers may receive Form 1099-K if their earnings exceed $600. The article provides tips on how to prepare for these tax obligations, including keeping track of sale transactions, saving purchase receipts, ensuring the accuracy of Form 1099-K, and planning for taxes by setting aside money or making quarterly estimated tax payments.
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Keywords: financial planning, paypal holdings inc, financial advisors, government taxation and revenue, business news, taylor swift, ebay inc, national taxes, personal finance, personal saving, wealth, taxes, tax planning, financial planners,