Taylor Swift and Beyoncé ticket resellers may face taxation

Anyone who cashed in big reselling their concert tickets for more than $600 may owe the IRS some cash.
1:39 | 09/23/23

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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.

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