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IRS will come after Taylor Swift concert ticket scalpers

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Those lucky enough to have snagged tickets for considered one of Taylor Swift’s live shows during her upcoming tour may find yourself owing a cut of their profits to Uncle Sam in the event that they resell them.

A fast glance at the web resale site StubHub shows indicates that the demand for Swift tickets continues to be so hot that it could cost as much as $4,000 for a seat near the stage.

But any profit that resellers activate scalping Swift tickets will likely draw the eye of the Internal Revenue Service.

That’s because a provision in a latest law — the American Rescue Plan Act of 2021 — lowered the brink for reporting transactions done through third-party facilitators to $600.

The most cost effective ticket for the May 26 concert at MetLife Stadium in East Rutherford, Latest Jersey, goes for as little as $500 to as much as $1,300 — and that’s only for the upper deck.

The opening concert of the stadium tour in Glendale, Arizona, which is scheduled for March 17, can easily set you back between $315 for the most cost effective seat and greater than $9,000 for the most costly one, in keeping with StubHub.

The 33-year-old pop mega-star is ready to embark on the US leg of her Eras Tour in March.WireImage

Small business owners who turn a profit through part-time work, side gigs and selling goods — including concert tickets — through apps corresponding to Money App, Venmo and PayPal will receive a tax form often known as Form 1099-K.

Swift, the pop mega-star and multi-Grammy Award winner, is ready to embark on the US leg of her highly anticipated Eras Tour, which kicks off within the spring.

The 33-year-old Nashville native will perform several shows in 20 cities nationwide.

The huge crush of Swifties who bombarded Ticketmaster during its pre-sale last month led to the service’s website crashing — leaving large numbers of die-hard “Tay Tay” fans who waited hours for the prospect to purchase a pass to considered one of her shows within the cold.

In total, some 2.4 million people snapped up tickets to shows for the Eras Tour, which is launched to advertise her latest album, “Midnights.”

The IRS could audit tax filers who fail to report transactions that exceed $600, according to a provision in a new law.The IRS could audit tax filers who fail to report transactions that exceed $600, in keeping with a provision in a latest law.Bloomberg via Getty Images

The IRS will receive a replica of the identical 1099-K form, so tax experts are warning filers that they might risk being subjected to an audit by the feds in the event that they fail to report the income listed on the 1099-K.

The Biden administration hopes that by reducing the brink, the measure will crack down on Americans evading taxes by not reporting the total extent of their gross income.

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