IRS just delayed the $600 reporting rule again for this year.

[the_fancy_fox]

I just saw it on my news feed. 

[slippinjimmy]

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@steady2304 wrote:

It still doesn't change anything for sellers who's State have already implemented the lower thresholds. It will just be harder to get one from eBay because they will claim it is not needed.

I went through this last year and didn't get the 1099K until late February because eBay insisted I didn't need one

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eBay will comply with the State requirements that are currently in effect (presuming your account profile accurately reflects your location).

[nobody*s_perfect]

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@steady2304 wrote:

It still doesn't change anything for sellers who's State have already implemented the lower thresholds. It will just be harder to get one from eBay because they will claim it is not needed.

I went through this last year and didn't get the 1099K until late February because eBay insisted I didn't need one

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I'm surprised to read that, since I got a 1099-K promptly starting in 2018 when my state reduced the threshold to $600.

[rustydalmatian]

1099 K is cumulative no matter how many sites, or how many eBay accounts you sell from.  Sell $4900 from eBay and $101 from Etsy and .........CONGRATULATIONS!  You've just won a 1099 K!!!

[rustydalmatian]

They're still sore from last year.

[slippinjimmy]

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@rustydalmatian wrote:

1099 K is cumulative no matter how many sites, or how many eBay accounts you sell from.  Sell $4900 from eBay and $101 from Etsy and .........CONGRATULATIONS!  You've just won a 1099 K!!!

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Incorrect.

[carlmarxx]

The IRS  in news reports    have stated they where never happy about  the 1099K  $600   limit  do to being over burden  too much paper work  . they have pushing for  $5,000  to $10,000  limit    1099K  filing .  

[onefootflippers]

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@rustydalmatian wrote:

1099 K is cumulative no matter how many sites, or how many eBay accounts you sell from.  Sell $4900 from eBay and $101 from Etsy and .........CONGRATULATIONS!  You've just won a 1099 K!!!

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That isn't true.

I sell 100K+ annually on ebay and I never get sent 1099s from the sites I sold crumbs on.

[chris90242]

I don't think this delay matters for those in states who have their own threshold.  I'm in California, I think ours is $600 since 2022, if I'm not mistaken.

[carlmarxx]

No Ca. is more then $600  for the 1099K  .  

[carlmarxx]

I just looked  it  up  California  Has $20 k .   once merchant  goes over it they  get  the 1099K .   

[chris90242]

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@carlmarxx wrote:

I just looked  it  up  California  Has $20 k .   once merchant  goes over it they  get  the 1099K .   

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I'm pretty sure Gov. Newsom will put a stop to that soon.  Our state officials love taxes, which is why we pay the highest gas tax in the  nation. LOL!

[farmalljr]

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@carlmarxx wrote:

The IRS  in news reports    have stated they where never happy about  the 1099K  $600   limit  do to being over burden  too much paper work  . they have pushing for  $5,000  to $10,000  limit    1099K  filing .  

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I don't know why that would be. Small businesses like mine that either PAY more than 599 or receive more than 599 for services, all have to deal with 1099's. There are already millions of small businesses dealing with 1099's. 

I'M not happy the IRS isn't applying the LAW as they are required to. The IRS does NOT make the laws of the land. I may not agree with the laws, but if we are not going to obey the laws, then what good are any of them? They either apply to everyone or they apply to no one. 

[dbfolks166mt]

@carlmarxx wrote:

I just looked  it  up  California  Has $20 k .   once merchant  goes over it they  get  the 1099K .   

I'm pretty sure Gov. Newsom will put a stop to that soon.  Our state officials love taxes, which is why we pay the highest gas tax in the  nation. LOL!

     Given the Fed's inability to get their act together I expect a lot of states to establish their own reporting/issuance thresholds in 2024, I am actually surprised more states did not do it in 2023 but there is still time left to do so and they could make it retroactive back to 1 January 2023. 

     Of course this will just muck up the works as we could wind up with 51 different threshold requirements, one for each state and a federal one. 🙄

[powell-memorabilia]

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@rustydalmatian wrote:

1099 K is cumulative no matter how many sites, or how many eBay accounts you sell from.  Sell $4900 from eBay and $101 from Etsy and .........CONGRATULATIONS!  You've just won a 1099 K!!!

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It is cumulative across eBay ID’s, not cross platforms.  eBay, Etsy, Poshmark, etc. don’t share information.

[fern*wood]

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@carlmarxx wrote:

The IRS  in news reports    have stated they where never happy about  the 1099K  $600   limit  do to being over burden  too much paper work  . they have pushing for  $5,000  to $10,000  limit    1099K  filing .  

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So the IRS is worried about folks having too much paper work.   I guess they have been concerned about me for years, then, because I've reported my sales since before any 1099ks were sent out for any amount.  I wonder how they felt about that pesky tax money being sent in?