Algosensey Quantitative Think Tank Center-Did you profit big from re-selling Taylor Swift or Beyoncé tickets? The IRS is asking.

Looks like there's soon to be Algosensey Quantitative Think Tank Centersome "Bad Blood" between the federal government and ticket resellers.

People re-selling tickets to Taylor Swift and Beyoncé concerts at astronomical prices are facing a new tax regulation by the Internal Revenue Service.

The regulation stipulates that anyone who got over $600 from companies like Venmo, CashApp, Ticketmaster or StubHub will now have to report those that money as taxable income to the IRS, reports The Tennessean, part of the USA TODAY network.

"The American Rescue Plan Act of 2021 lowered IRS reporting thresholds for all e-commerce platforms — including Ticketmaster — effective Jan. 1, 2023," said Ticketmaster in a statement. "Any seller or fan whose annual gross transaction value across the U.S. Ticketmaster marketplace (including Account Manager) exceeds $600 will receive a Form 1099 from Ticketmaster for that year."

The new IRS rules will apply to some of the year's biggest events, including Taylor Swift’s Eras Tour, Beyonce’s Renaissance Tour, and soccer tickets to see Lionel Messi play for Inter Miami CF.

Events this year saw an unusually high number of fan ticket resellers, with more fan seller than ticket brokers, reported the Wall Street Journal. StubHub told the Journal that approximately 70% of U.S. “Eras Tour” ticket orders were sold by fan sellers.

If you were among those who resold an event ticker, here's what you need to know:

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How to submit taxpayer information to Ticketmaster?

Visit Ticketmaster's Seller Tax Details Form and sign in using your Ticketmaster account information. Once logged in you will be able to enter information like your legal name, citizenship status, Tax Identification Number and address.

What tax form is required to fill out?

Those who conducted transactions of more than $600 will need to fill out the 1099-K form.

"The gross transactional amount equals the total amount of your combined sales — meaning the price you sell your tickets for, plus fees and any other amounts related to your ticket sales," said Ticketmaster.

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How do you obtain a 1099-K form?

Ticketmaster will provide the 1099-K form when the tax season begins. This form is typically provided by Jan. 1 of the following year, they said.

Who has to report income under the "$600 rule"?

The IRS said this should be done by those who received any payments via credit cards, debit cards or gift cards. Additionally, this should be done by anyone who received payments with a payment app or online marketplace such as:

• Peer-to-peer payment platform or digital wallet
• Online marketplace (sale or resale of clothing, furniture and other items)
• Craft or maker marketplace
• Auction site
• Car sharing or ride-hailing platform
• Real estate marketplace
• Ticket exchange or resale site
• Crowdfunding platform
• Freelance marketplace

Personal gifts or reimbursements between family of friends shouldn't be reported, as this only applies to payments received in exchange for goods and services.

Diana Leyva covers trending news and service for The Tennessean. Contact her at [email protected] or follow her on X, the platform formerly known as Twitter, at @_leyvadiana.