eBay

vulcangas · ‎09-04-2023

Any update if the $600 threshold will be in affect for 1099-K reporting this year (2023)

the-hook-and-the-loop · ‎09-04-2023

You need to report any sales on your tax return every year, any year, above $600, and below $600. It doesn't matter.

brightlightbookseller · ‎09-04-2023

No, we don't know yet, but you should assume it likely will take effect, and you should report your sales either way.

stuff4divas · ‎09-04-2023

@vulcangas regardless, everyone is suppose to report all income minus expenses to prevent them getting audited.

u should check the IRS website for any tax info since that will not be heresay

monroe67 · ‎09-04-2023

"Any update if the $600 threshold will be in affect for 1099-K reporting this year (2023)"

So far, no.
Today is only September 4. If I recall correctly, the IRS announced on or around December 23 of last year that they were "pausing" that reduced dollar limit for tax year 2022.

So it's still a little early in the year for any such announcements to come out relating to the 2023 tax year.

12345jamesstamps · ‎09-04-2023

I kinda think it may not change. Here's why. Besides eBay & Pay Pal they have added Etsy, Stub Hub, Square, Cash App, Postmark, as well as the those Doordash, Uber, Lyft, etc. also. I think that's just going to be too much for accountants like last year. Think of the the sellers who stopped selling last year and lost out on selling.

dbfolks166mt · ‎09-04-2023

Any update if the $600 threshold will be in affect for 1099-K reporting this year (2023)

As others noted it will probably remain in effect at the Federal level but you may also want to keep an eye on any changes to your state laws. Virginia changed their threshold issuance limit in 2020 so I have been getting 1099's since that time. As a side note Virginia changed the law in July 2020 and made it retroactive back to 1 January 2020.

So there is also the chance that some states may change their own laws just in case the Fed baulks again.

nobody*s_perfect · ‎09-04-2023

@12345jamesstamps wrote: .... Besides eBay & Pay Pal they have added Etsy, Stub Hub, Square, Cash App, Postmark, as well as the those Doordash, Uber, Lyft, etc.....

They haven't "added" anybody. The 1099-K requirement automatically applies to ALL third-party payments.

https://www.irs.gov/businesses/understanding-your-form-1099-k

dryophelia · ‎09-04-2023

@vulcangas

With the sales you’ve had, it would be a good thing for you to get that form. The form helps because it shows what was reported to IRS. (At the end of the year it can get a little confusing as to what transaction goes with what tax year, for instance)