Buffalo, N.Y. (WBEN) - People who have been reselling their Buffalo Bills tickets for big bucks on the secondary market may be breathing a sigh of relief.
So are eBay, Etsy, and Poshmark sellers, and anyone else who makes a little bit of money on the side every year selling goods after the $600 1099-K reporting threshold has been scrapped as part of the One Big Beautiful Bill Act.
The so-called "Venmo Tax" had been scheduled to go into effect this year, and was set to flood taxpayers with new paperwork if they had made any sort of transactions on a third-party platform. It would have required anyone who had profited $600 or more by selling tickets, clothes, or anything else, to report that to the IRS.
That would have been big news for anyone selling Bills tickets on a secondary market, where high prices means that selling just a pair can mean making over $600.
Instead, the prior threshold of 200 transactions and $20,000 has been restored.
Many transactions are still supposed to be reported though, few will do it.
"The reporting requirement has been lifted," said Esther Gulyas, CEO of EG Tax. "The obligation of the taxpayer to report it if they had third-party pay and they haven't gotten a 1099-K form, they still are under the law required to report it."
So under the letter of the law, self-reporting is required even if you do not receive a form, but with the $600 threshold gone, Bills fans can breath easy knowing they won't have to pay up in April.