Broadway Scalpers To Report Sales To Government

When will the government report to the American people when they make over $600 on insider trading?

Thank you.

I hope the government does even more to stop this shameful practice. Do they report all of their sales? Up to now it is only sales of over twenty thousand dollars that needed to be reported.

The reporting is specifically so that the scalpers will have to pay taxes on the sales. So in the case of something like Broadway.com, I assume they're already paying taxes on the fees they collect. If individual scalpers are willing to pay those taxes, it wouldn't really change the ability for them to sell a $4000 ticket anyway.

Kad said: "This isn't to dissuade scalping, it's to ensure that income is being taxed, the same way any other self-reported income would be (like freelance work or other self-employment). Considering the outrageous resale prices for Taylor Swift and Beyonce's tours this year, it's not surprising the government is going to crack down on this."



The bill (at least as worded in the press release and news articles) is still deeply flawed. As it currently stands, if an individual purchases a pair of tickets for $250 each from the official Ticket Master site, and then can't attend and they resell them for face value, then that $500 is still reported as "income" and the seller would receive a 1099 at year's end (if they re-sell over $600 worth of tickets). Professional scalpers in all likelihood won't be affected, because they have multiple accounts on TM, Stubhub, etc and would have loopholes set up in order to avoid paying any personal income tax.

JSquared2 said: "As it currently stands, if an individual purchases a pair of tickets for $250 each from the official Ticket Master site, and then can't attend and they resell them for face value, then that $500 is still reported as "income" and the seller would receive a 1099 at year's end (if they re-sell over $600 worth of tickets)."

Just to be clear, only profits are taxed on ticket resales. The individual in your scenario wouldn't owe additional taxes, though they'd face an increased paperwork burden.