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selling threshold changed
so am i understanding correctly? i had stopped selling for 2023 at aprox $595.00 because of the $600.00 threshold. now i read that it has been changed for 2023 and a big change from 600.00 to 5k in 2024. true or not. ready to sell more in 2023 if i wont have to fear a 1099 and lots of bookeeping and taxes.
1 comment
wooden_flower
Mentor2 years agoAny profit you make is taxable - the 1099k is just a reporting tool.
The IRS has announced a $20,000 threshold for 2023, $5,000 for 2024, unless your state has a lower threshold.
eBay has not yet announced that they will implement this new threshold.