Jim Guarino Quoted by CNBC About Taxes on Resold Ticket Profits
Jim Guarino was recently quoted by CNBC in article about taxes on profits from resold tickets, “If you resold a Taylor Swift ticket for a profit, prepare to pay taxes. Here’s what to know.” Since the IRS lowered the reporting threshold for business transactions on third-party platforms from 200 transactions worth an aggregate of more than $20,000 down to one payment of $600, those who have resold tickets may be surprised by this requirement. Jim Guarino was quoted noting that people who made more than $1,000 reselling Taylor Swift tickets “easily exceed that threshold of $600 for this year.”
This quote was also picked up by Nation World News in Taylor Swift ticket sellers must pay tax.