Important Update (12/29/2022):
The Internal Revenue Service (IRS) announced a delay in lowering reported thresholds for third-party settlement organizations to $600. Third-party settlement organizations will be required to report tax year 2022 transactions on a Form 1099-K for sellers with $20,000 in payments from over 200 transactions. For more information, please visit the IRS website to review their announcement.
Effective January 1, 2023, SeatGeek, and other marketplaces, are required by the U.S. Internal Revenue Service (“IRS”) to issue a Form 1099-K for all sellers who receive gross payments of $600 or more from sales on their platform. This means, we’ll ask each seller to provide certain personal information (“Personal Information”), such as your Social Security Number (SSN) or Individual Tax Identification Number (ITIN), to issue a Form 1099-K once you reach $600 in gross sales* on SeatGeek. This new tax reporting requirement does not apply to your 2022 sales and taxes that you file in 2023.
In addition, your Personal Information will also be used by SeatGeek to comply with certain Know Your Customer (KYC) and anti-money laundering requirements, and applicable economic sanctions programs, including those administered by the Office of Foreign Asset Control of the U.S. Department of Treasury.
Please note, SeatGeek cannot provide tax advice to sellers. For more information, we encourage you to visit the IRS website and consult with your tax advisor.
* Gross sales are calculated by finding the sum of the seller's total payout plus all fees (buyer fees and seller fees) for that seller's listings. Gross sales will be greater than a seller's payout proceeds.