Ticket reselling has become a lucrative business, especially for popular concerts featuring Beyoncé and Taylor Swift.

Resale prices for these tickets often skyrocket, with fans willing to pay high fees to get in. And it’s not just a few extra dollars in the sellers’ pockets – it can be a significant amount of money. Previously, sellers were only required to fill out a form if they made over $20,000 in revenue. However, this new law lowers the threshold to just $600. This is a big shock for some resellers this tax season, as they now have to report their earnings to the IRS.

This new law comes at a time when ticket resales continue to make headlines. For example, the average resale price for a Taylor Swift ticket has reached more than $2,000 in some cases, compared to the original ticket price of around $254. This surge in ticket prices has led to demands for platforms like Ticketmaster and StubHub to do better and for lawmakers to take action. The hope is that this new law will deter some of the resellers in the future. Requiring sellers to report their earnings will make it harder for them to avoid paying taxes on their profits. The Wall Street Journal predicts that this law will impact a lot of people and that the IRS will collect over $44 million from ticket resellers.