IRS to exam­ine tick­et reseller data as tax­able income

The IRS will be col­lect­ing data from sell­ers on tick­et­ing plat­forms who sell more than $600 worth of event tick­ets.
Stub­Hub, Tick­et­mas­ter, and oth­ers will hand over the data of sell­ers who met the thresh­old to the depart­ment from this year, and they will have to fill out a 1099‑K form. Then, the IRS will deter­mine which of the resellers made prof­its, in order to declare it tax­able income. Those who resold their tick­ets at a loss will not be allowed to deduct that loss.
SOCIAL SECURITY UPDATE: DIRECT PAYMENT WORTH $914 ARRIVES IN SEVEN DAYS
The $600 thresh­old is new this year per the Amer­i­can Res­cue Plan under Pres­i­dent Joe Biden. The plan includ­ed a $1.9 tril­lion COVID-19 relief bill to help local, state, trib­al, and fed­er­al gov­ern­ments soft­en the eco­nom­ic fall­out from the pan­dem­ic, which includ­ed giv­ing stim­u­lus checks to cit­i­zens who lost their jobs or were unable to pay rent because of a lack of funds.
Pre­vi­ous­ly, the IRS only mon­i­tored the reselling data of those who had over 200 trans­ac­tions and boast­ed prof­its of over $20,000. Now, the thresh­old has been low­ered to meet that of gig work …