A Warning For Kansas City Chiefs Fans. Don’t Resell Season Tickets. Why?
The NFL season will officially start in a few weeks. The pre-season has already begun. No doubt that Kansas City Chiefs fans are excited for another season and a chance to once again make a run for another Super Bowl.
Season ticket holders must also be excited. If you happen to be one, or know someone who is, they may not be able to make every game in a season for some reason or another. So they will resell their tickets. Well, they may want to hold on to them.
Chiefs season ticket holders are receiving an email from Ticketmaster asking for personal information and notifying them about new tax laws when they sell their tickets. It asks for the sellers name, address, phone number, and Taxpayer Identification Number (TIN). In the email, Ticketmaster adds they’re generally required to file a Form 1099-K report with the IRS if the gross amount of your sales on their marketplaces is $600 or more in a calendar year. You can read more HERE.
Below is a statement from Ticketmaster:
1. Ticketmaster and other online marketplaces are required to file a Form 1099-K report with the IRS if the gross amount of a sellers ticket sales on our marketplaces is $600 or more in a calendar year.
2. To ensure compliance with applicable federal and state tax reporting laws, Ticketmaster collects taxpayer information starting with the first completed sale even if that sale does not meet the $600 threshold. If the seller does not ultimately reach the annual threshold, they will not receive a Form 1099-K from Ticketmaster. Reporting requirements may differ in some states.
Additional information may be found on the IRS page link here and additional information copied below: https://www.irs.gov/businesses/new-1099-k-reporting-requirements-for-payment-settlement-entities
As well as in our FAQ here: https://help.ticketmaster.com/s/article/1099-K-Form-Answers-to-Some-Common-Questions?language=en_US
We will see how this affects the season ticket holders. They may want to not try and resell them, and just go to the home games themselves. It may be a great season.