Selling concert tickets to a friend can be a great way to get rid of extra tickets you can’t use. It also gives your friend the chance to see a show they really want to see. However, selling tickets does require some planning and consideration to make sure the exchange goes smoothly. In this article, we’ll walk through the key steps and best practices for selling concert tickets to a friend.
Check if reselling the tickets is allowed
Before selling any tickets, first check the fine print to make sure reselling is permitted. Many major concerts and venues prohibit reselling tickets through third party sites or individuals. This is to cut down on scalping. The tickets may say “non-transferable” right on them. If reselling is not allowed, selling the tickets to a friend could result in the tickets being voided by the venue. You want to avoid leaving your friend high and dry if they get turned away at the door.
If the tickets don’t have any language prohibiting resale, you should be in the clear. Smaller venues are typically fine with reselling tickets informally. Larger concerts gray area, so check the event website FAQ or contact the box office if uncertain.
Decide on a fair price
You don’t want to rip off your friend with an inflated price, but you also want to get a fair price. Take a look at the ticket’s original face value as a starting point. Also research the current market value for that concert. Check sites like StubHub and see what comparable seats are going for. Price your ticket at or below current market rates.
Adding a small premium over face value is reasonable to account for your effort and fees incurred selling the ticket. An extra 10-20% over face value is generally fair. Anything above a 50% markup will feel gouge-y to a friend. Make sure to frame the price in terms of recovering your costs rather than profiting off your friend.
Choose a payment method
When selling tickets casually to a friend, simple is best for payment. Cash or online peer-to-peer platforms like Venmo or Paypal are ideal. Avoid cumbersome options like paper checks or money orders.
Only accept secure, traceable payment methods so there is a record of the transaction. Never accept just a promise to pay later. Payment should be collected before ticket transfer. Make it clear payment is non-refundable once paid.
Transfer tickets securely
To transfer tickets, avoid just emailing PDFs which can be copied or counterfeited. Use the official ticket issuer’s transfer function if available. This links the tickets directly to your friend’s account. Failing that, transfer via the ticket app the issuer requires. Screenshotting tickets should only be a last resort.
Physical paper tickets can be transferred in-person or overnight mail with tracking. Only use trackable shipping so the tickets are not lost. Signature confirmation is best to prove delivery. Meet up or use expedited 1-2 day shipping very close to the event date.
Document the exchange
Keep records of your ticket sale just in case. Save the ticket transfer confirmation email and payment receipt. Take screenshots showing ticket delivery and payment. You wantproof showing your friend received the paid-for tickets in case they dispute the sale later.
Disclose relevant ticket details
To avoid issues down the line, disclose upfront any ticket limitations or restrictions your friend should know about. This includes:
– If the tickets are paperless/mobile entry only
– If any identification is required for entry
– If the tickets have an obscured/partial view of the stage
– If the tickets cannot be replaced if lost or stolen
– If the tickets are will call only
Being upfront about any caveats prevents misunderstandings and shows you are selling the tickets in good faith.
Consult tax implications
In most cases for an individual, small-scale ticket sales to friends won’t have tax impacts. But if you regularly sell significant volumes of tickets for profit as side income, consult a tax professional. In the U.S., you may be required to report ticket resale profits and pay taxes on it.
How much profit can I make reselling tickets before I owe taxes?
In the U.S., you generally won’t owe federal taxes unless your total annual ticket resale profit exceeds $600. Check state laws too as some set lower profit thresholds. If your total ticket sales exceed $20,000 and 200 transactions annually across all online selling platforms, you may owe federal taxes regardless of profit amount.
What taxes are owed on ticket resales?
You’ll owe regular income taxes on any profits made reselling tickets just like other side income. In the U.S., you may also owe 15.3% self-employment tax as you would for other self-employment income. Some states require collecting and remitting sales tax on ticket resales too.
How do I report taxes on ticket resales?
Keep detailed records of your ticket sales and related costs like fees. Report income and expenses from ticket reselling on Schedule C of your Form 1040. You can deduct any fees incurred selling the tickets. Pay estimated quarterly taxes on resale profits if expected to exceed $1,000 in a year.
Avoid scams
Use extra caution selling tickets online to avoid scams. Never send tickets before payment is received. Require PayPal payments for “Goods and Services” so payments are protected.
Beware bids far above face value as these are often fraudulent. Never ship tickets internationally as foreign payments can be reversed later after tickets are sent. Be wary of any communications outside the marketplace platform.
Alternatives to selling
If reselling sounds too complex, consider alternatives like:
- Giving the tickets to your friend for free
- Trading tickets with a friend for a different event
- Donating extra tickets to charity
You can also easily resell using Ticketmaster’s NFL Ticket Exchange® or the NHL Ticket ExchangeTM. These official ticket marketplaces make reselling event tickets safe and simple.
Conclusion
Reselling concert tickets to a friend is generally fine if done properly. Check that resale is allowed and disclose any ticket limitations upfront. Price fairly at or below market rates. Transfer securely using official ticket issuer tools when possible. Keep payment and transfer records. Avoid scams from unknown buyers. Consider simpler options like giving or trading if you want to avoid the hassle that comes with reselling tickets.