Transcript for Taylor Swift and Beyoncé ticket resellers may face taxation
THANK YOU SOMARA, WE WILL TALK
SOON.
SOON.
>>> LET'S TALK ABOUT TAYLOR
>>> LET'S TALK ABOUT TAYLOR
SWIFT AND YOUR TAXES.
SWIFT AND YOUR TAXES.
BEAR WITH ME HERE.
BEAR WITH ME HERE.
ANYONE CASHING IN BIG RESELLING
ANYONE CASHING IN BIG RESELLING
CONCERT TICKETS MAY OWE THE IRS
CONCERT TICKETS MAY OWE THE IRS
MONEY.
MONEY.
ABC'S WILL GANSS IS HERE TO
ABC'S WILL GANSS IS HERE TO
EXPLAIN.
EXPLAIN.
WHAT'S UP WITH THAT, WILL?
WHAT'S UP WITH THAT, WILL?
GOOD MORNING.
GOOD MORNING.
>> FOR THE RECORD, WHIT, I LOVE
>> FOR THE RECORD, WHIT, I LOVE
THE FALL TIE.
THE FALL TIE.
AS TAYLOR SWIFT SAYS HERSELF,
AS TAYLOR SWIFT SAYS HERSELF,
KARMA IS GOING TO TRACK YOU
KARMA IS GOING TO TRACK YOU
DOWN.
DOWN.
THE IRS IS PREPARED TO SAY I SEE
THE IRS IS PREPARED TO SAY I SEE
YOU TO ANYONE MAKING MONEY
YOU TO ANYONE MAKING MONEY
SNATCHING UP TICKETS AND SELLING
SNATCHING UP TICKETS AND SELLING
THEM FOR PROFIT.
THEM FOR PROFIT.
AFTER A CRUEL SUMMER OF TICKET
AFTER A CRUEL SUMMER OF TICKET
SALES WHERE THE AVERAGE PRICE
SALES WHERE THE AVERAGE PRICE
FOR A TICKET WAS $1,100 THE GOLD
FOR A TICKET WAS $1,100 THE GOLD
RUSH MIGHT BE SLIGHTLY MORE
RUSH MIGHT BE SLIGHTLY MORE
TAXABLE THAN ORIGINALLY THOUGHT.
TAXABLE THAN ORIGINALLY THOUGHT.
A NEW LAW REQUIRING TICKETMASTER
A NEW LAW REQUIRING TICKETMASTER
AND STUBHUB TO PROVIDE THE IRS
AND STUBHUB TO PROVIDE THE IRS
INFO ON ANYONE SELLING MORE
INFO ON ANYONE SELLING MORE
THAN $600 OF TICKETS.
THAN $600 OF TICKETS.
ANYONE THAT SOLD $600 WORTH OF
ANYONE THAT SOLD $600 WORTH OF
TICKETS PERIOD MARKING A MASSIVE
TICKETS PERIOD MARKING A MASSIVE
CHANGE FROM THE PREVIOUS RULE
CHANGE FROM THE PREVIOUS RULE
ONLY REQUIRING PLATFORMS TO
ONLY REQUIRING PLATFORMS TO
REPORT USERS RECEIVING MORE THAN
REPORT USERS RECEIVING MORE THAN
$20,000 IN REVENUE.
$20,000 IN REVENUE.
AND HAD MORE THAN 200
AND HAD MORE THAN 200
TRANSACTIONS.
TRANSACTIONS.
THE NEW RULE TARGETING NOT ONLY
THE NEW RULE TARGETING NOT ONLY
THE TAYLOR SWIFT TICKET
THE TAYLOR SWIFT TICKET
RESELLERS BUT BY ANYONE PAYING
RESELLERS BUT BY ANYONE PAYING
BILLS BY MARKING UP BEYONCE
BILLS BY MARKING UP BEYONCE
TICKET.
TICKET.
WHILE THE NEW TAX PENALTY MIGHT
WHILE THE NEW TAX PENALTY MIGHT
HAVE RESELLERS SEEING RED,
HAVE RESELLERS SEEING RED,
CONCERT GOERS FEELING LIKE THE
CONCERT GOERS FEELING LIKE THE
LUCKY ONES HOPING IT COULD KEEP
LUCKY ONES HOPING IT COULD KEEP
TICKETS DOWN FOR FUTURE TOURS.
TICKETS DOWN FOR FUTURE TOURS.
FOR ANYONE KEEPING TRACK THAT
FOR ANYONE KEEPING TRACK THAT
WAS 13 EASTER EGGS IN THAT
WAS 13 EASTER EGGS IN THAT
PIECE.
PIECE.
I'LL
This transcript has been automatically generated and may not be 100% accurate.