Taylor Swift fans forked out an average $2,183 for a resold ticket to a concert on the superstar's Eras Tour, according to resale research site TicketIQ.
Now, ticket resellers may owe taxes on profits made during what may turn to be — for them, at least — a rather "Cruel Summer."
Ticket profits have always been taxable, but the new IRS reporting threshold for business transactions on third-party platforms, such as TicketMaster or eBay , is now a single payment of $600, down from 200 transactions worth an aggregate of over $20,000.
Taxpayers will have to prepare as the law takes effect this coming season.
"Starting at the beginning of next year, you want to make sure you know how to report this income," said certified financial planner and enrolled agent Tommy Lucas of Florida-based Moisand Fitzgerald Tamayo.
Persons:
Taylor Swift, Tommy Lucas of, Moisand Fitzgerald Tamayo
Organizations:
TicketMaster, eBay, Taxpayers
Locations:
Tommy Lucas of Florida