Reported 3 days ago
Selling football tickets can be a lucrative venture, especially for season ticket holders looking to offset expenses. However, it's crucial to understand the evolving tax rules regarding the 1099-K form for ticket resales. Recent changes have reverted the reporting requirement threshold back to $20,000 and 200 transactions, meaning many casual sellers may not receive a 1099-K. Despite this, profits from ticket sales must still be reported to the IRS, highlighting the importance of keeping accurate records. Taxpayers should be aware of possible variations in state laws affecting 1099-K issuance.
Source: YAHOO