Folks who made a killing reselling tickets to some of the year’s hottest concerts like Taylor Swift, Beyoncé or even big sporting events like Lionel Messi’s Miami games are gonna have to pay up, courtesy of the IRS.
TAYLOR SWIFT, BEYONCÉ, MESSI TICKET RESELLERS, PREPARE TO PAY for earning taxes
IRS is the Internal Revenue Services which rules for the 1099-K form say those who unloaded tickets on StubHub or Ticketmaster, selling more than $600 worth of tickets this year, are now required to put the earnings down as taxable income.
Taylor Swift Performs During ‘The Eras Tour’ The 1099-K form focuses on payments received from credit and debit cards, gift cards,
And third-party payment networks and online marketplaces which fits Ticketmaster and StubHub right in that lineup.
TAYLOR SWIFT, BEYONCÉ, MESSI TICKET RESELLERS, PREPARE TO PAY for earning taxes
Lionel Messi Playing On Inter Miami LIONEL MESSI PLAYING ON INTER MIAMI Even tickets for Messi’s soccer games were getting resold for a steep markup.
Of course, ya could look at this as just another thing to give up to the IRS or, as justice for those who paid thousands for tickets from scalpers.
Looks like the International entertainment rules pertaining taxes and revenue are becoming a key point to note.
In some other countries the entertainment industry is being looked at as potential revenue raise and particularly music.
The law pertaining Music has been reluctantly been neglected though at some point the authorities are beginning to pick interests and with this you can see every content maker would be a beneficiary.
In Uganda the Musicians Association has been formed which ahas never existed for decades.
Musician’s hope is being uplifted and every is likelying to be involved soon or later
