At this point in time nobody can provide a definitive answer to your question. About the best information available is what @luckythewinner provided and that only pertains to the federal reporting thresholds. What actually happens in 2024 may also depend on what the individual states do with regards to any laws they may pass or thresholds they may set.
For 1099k tax year 2024 it will be $5,000. and 200 transactions or just 1 transaction?
To answer your question, here is the IRS announcement from Nov 2023:
"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)."
It says they are "planning" for a threshold of $5K for tax year 2024.
dbfolks166mt
·2 years agoAt this point in time nobody can provide a definitive answer to your question. About the best information available is what @luckythewinner provided and that only pertains to the federal reporting thresholds. What actually happens in 2024 may also depend on what the individual states do with regards to any laws they may pass or thresholds they may set.
luckythewinner
·2 years agoTo answer your question, here is the IRS announcement from Nov 2023:
"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)."
It says they are "planning" for a threshold of $5K for tax year 2024.
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
soh.maryl
·2 years agoNot sure the final version of this has been definitely decided.
And, since it's the IRS, not eBay, who makes this determination, doubt if the # of transactions has any play in the final ruling.
kensgiftshop
·2 years agoRight now, it's $600 and no limit on the transactions.
neatfreaky
·2 years agoThe IRS has postponed this for another year so 2023 will still stick to the $20K threshold.
kensgiftshop
·2 years agoYes, some sellers get off another year of not reporting their income and paying their share of income taxes.