For tax year 2024 the IRS has a phased in tax threshold of $5K

Question

But cannot find anything about this on ebay. I a newbie and ebay asked for ssn when I hit my $600 in sales. Shouldn't it be at $5k sales? Here is the notice on the IRS website.

https://www.irs.gov/site-index-search?search=IRS+announces+2023+Form+1099-K+reporting&field_pup_historical_1=1&field_pup_historical=1

fashionsandbeauty4u · Answer

Hello retro-licious,

Currently, there are at least ten U.S. states that have a lower threshold for generating a 1099-k than the IRS. eBay, and all other selling platforms, require a SSN to sell on their site.

wooden_flower · Answer

@retro-licious

Notice it says 'plans for $5,000...' It is not official yet that the threshold is $5,000. Until the IRS issues a firm directive, the threshold stands at $600.

It really shouldn't matter to you - your profit is taxable with or without a 1099k. The 1099k is just a reporting tool.