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IRS to target ticket resellers that made over $600 in revenue

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NASHVILLE, Tenn. (WTVF) — A big shock could be coming to the wallet's this tax season of anyone who has resold concert tickets for a good chunk of change this year.

A new law is requiring ticket sites to tell the IRS about anyone who made over $600. It's part of the American Rescue Plan Act and requires all sellers to fill out a 1099-K form if they pass that $600 threshold.

This is a big change from what it used to be, which was over $20,000 in revenue.

The change comes as ticket resales have continued to make headlines as ticket prices surge. The average face-value price of a ticket for Taylor Swift's tour is $254, but after they were released, the average resell price was more than $2,000, per Ticket-I-Q.

Fans have demanded platforms like Ticketmaster and Stubhub do better, and lawmakers are hoping this new law deters some of those resellers in the future.

The Wall Street Journal reported the IRS is bracing for up to 44 million of these 1099 forms to come through.