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1099-K IRS minimum reporting threshold in 2024
Why hasn't Ebay updated the minimum threshold to $5,000 for 2024? Every On Line Selling Site I have checked shows $5,000.
Changes to the IRS minimum reporting threshold in 2024
The IRS is lowering the Form 1099-K reporting threshold, but has delayed the date of the change by 1 year. Starting on January 1, 2024, IRS regulations require all businesses that process payments, including online marketplaces like eBay, to issue a Form 1099-K to sellers who receive $600 or more in gross payouts. If you receive $600 or more in gross payouts over the course of the 2024 calendar year, we'll provide a Form 1099-K to you by January 31, 2025. Your 2021 through 2023 tax obligations aren't affected by this change.
2 comments
evry1nositswindy
Mentor2 years agoThat being said, income is income no matter the amount and should be reported whether you get a form or not.
wooden_flower
Mentor2 years ago@bravesbball
The IRS has not stated it as a fact yet. They have only stated the intention to use $5,000 as the threshold. Until it is released as an actualy change, payment processors must be prepared to comply with the $600 threshold required by law.
"Given the complexity of the new provision, the large number of individual taxpayers affected and the need for stakeholders to have certainty with enough lead time, the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan (ARP)."
https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation