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1099k threshold
12-8-2023 I received below email from Ebay, has anyone heard anything on this $5,000 reporting threshold?
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In some excellent news for millions of eBay sellers, the Internal Revenue Service (IRS) announced another delay of the $600 reporting threshold for Form 1099-K.
As a result, for tax year 2023, sellers will receive a Form 1099-K only if their 2023 sales exceed $20,000 and 200 transactions, they had backup withholding applied in 2023 or are residents of states with a lower reporting threshold. For tax year 2024, the IRS announced plans for a $5,000 reporting threshold. We expect further guidance on tax year 2024 and beyond in the coming months and will keep you in the loop.
eBay and the Coalition for 1099-K Fairness have worked tirelessly with lawmakers for the last 2+ years to advocate for a higher, common-sense threshold on behalf of our seller community. While we are grateful that the lower reporting threshold will not be implemented for the upcoming tax filing year, we will continue to advocate with members of Congress to establish a permanent legislative solution with a higher reporting threshold.
Sincerely,
The eBay Government Relations Team
inceptions
Mentor1 year agoHi @escada38
No matter what the threshold is for receiving a 1099K, you still need to report your eBay sales on your tax return as you always have - whether you receive one or not. If you receive one, the 1099K is simply another piece of paper that goes along with your return.