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Is the threshold for 1099-K still $5000.00
Is the threshold for 1099-K still $5000.00 for 2024 or can it be changed by the IRS at there will.
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Is the threshold for 1099-K still $5000.00 for 2024 or can it be changed by the IRS at there will.
wooden_flower
Mentor2 years ago@edgarl1948
Just to add to what @lady_madonna described - the announcement on the 2023 delay says that the IRS plans on a $5,000 threshold for 2024, but more guidance is expected later this year.
https://community.ebay.com/t5/Announcements/IRS-announces-another-delay-of-the-600-reporting-threshold-for/ba-p/34153125
Since your profit is taxable no matter how much you sell, you should think of the 1099k only as a reporting tool.
lady_madonna
Mentor2 years ago@edgarl1948
According to Ebay:
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.