1099K LIMITS

[gorapani]

I AM CONFUSED.I AM TRYING TO FIND OUT THE THESHOLD FOR THE 1099-K.SOME PEOPLE TELL ME $600 ANS OTHER TELL ME $5000 FOR 2025.DOES ANYONE KNOW FOR SURE.THANKS

[devon@ebay]

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@gorapani wrote:

I AM CONFUSED.I AM TRYING TO FIND OUT THE THESHOLD FOR THE 1099-K.SOME PEOPLE TELL ME $600 ANS OTHER TELL ME $5000 FOR 2025.DOES ANYONE KNOW FOR SURE.THANKS

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Hey @gorapani! The IRS recently announced that the threshold for the 1099-K for the year 2024 is $5,000 and more information can be read from our announcement linked below:

https://community.ebay.com/t5/Announcements/IRS-confirms-5-000-reporting-threshold-for-Form-1099-K-f...
 

[lacemaker3]

@gorapani 

The IRS announced it on Nov 26, 2024, and eBay announced it on 12/9/2024.

$5,000 for 2024, $2,500 for 2025 and $600 for following years.

IRS confirms $5,000 reporting threshold for Form 1099-K for tax year 2024

[gorapani]

THANK YOU MUCH.I REALLY APPRECIATE IT,BE WELL AND SAFE.

[kensgiftshop]

@gorapani 

You should check with your state, it could be lower then the federal level.

[gorapani]

THANK YOU SO MUCH.BE WELL AND SAFE.

[stainlessenginecovers]

Illinois requires a 1099 be issued if you have 4 or more transactions over $1000- so, much lower than the Fed requirement; 

Therefore, you will get a 1099 if 4 or more transactions and exceed $1000

[kraftique]

My State is 5 thousand if they would have gone by the States that would have been fair.  But I stopped selling because of Biden's sneaking this in.     And no, I do not want to pay taxes when he has a son who avoids taxes and rips people of for rent.  

It's a double standard

[stainlessenginecovers]

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@kraftique wrote:

My State is 5 thousand if they would have gone by the States that would have been fair.  But I stopped selling because of Biden's sneaking this in.     And no, I do not want to pay taxes when he has a son who avoids taxes and rips people of for rent.  

It's a double standard

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@kraftique the entire threshold change was done when Trump was in office, Not Biden.

I won't bother going into why/how as the first take you have is 100% incorrect. 

[kraftique]

No it was not.. and I will argue with you on that

[kraftique]

"American Rescue Plan," would have required people paid over $600 in 2022

That was Biden in 2022 Not Trump..

[fern*wood]

You do realize Hunter admitted he didn't pay while on drugs and after getting clean paid back all he owed.  Most people can offer forgiveness.

[dbfolks166mt]

@kraftique wrote:

My State is 5 thousand if they would have gone by the States that would have been fair.  But I stopped selling because of Biden's sneaking this in.     And no, I do not want to pay taxes when he has a son who avoids taxes and rips people of for rent.  

It's a double standard

@kraftique the entire threshold change was done when Trump was in office, Not Biden.

I won't bother going into why/how as the first take you have is 100% incorrect. 

     Actually you would be incorrect. The reporting threshold for third party settlement organizations, which include payment apps and online marketplaces, was changed to $600 by the American Rescue Plan Act of 2021. The bill was formulated by the democrats and passed through both the house and senate along near party lines. Biden signed the bill in March of 2021. A little history on the whole pandemic thing. What Trump did prior to Biden taking office in January of 2021, what Biden inherited and what transpired from there. 

https://en.wikipedia.org/wiki/American_Rescue_Plan_Act_of_2021#Response 

[stainlessenginecovers]

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@dbfolks166mt wrote:

@kraftique wrote:

My State is 5 thousand if they would have gone by the States that would have been fair.  But I stopped selling because of Biden's sneaking this in.     And no, I do not want to pay taxes when he has a son who avoids taxes and rips people of for rent.  

It's a double standard

@kraftique the entire threshold change was done when Trump was in office, Not Biden.

I won't bother going into why/how as the first take you have is 100% incorrect. 

     Actually you would be incorrect. The reporting threshold for third party settlement organizations, which include payment apps and online marketplaces, was changed to $600 by the American Rescue Plan Act of 2021. The bill was formulated by the democrats and passed through both the house and senate along near party lines. Biden signed the bill in March of 2021. A little history on the whole pandemic thing. What Trump did prior to Biden taking office in January of 2021, what Biden inherited and what transpired from there. 

https://en.wikipedia.org/wiki/American_Rescue_Plan_Act_of_2021#Response 

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@dbfolks166mt @kraftique which was started by the Cares Act under Trump where congress laid the ground work for what Biden then signed- which included changing the way 'America' would be 'paid back' for multi trillion $$ 'give away'  CARES Act - Wikipedia

[dbfolks166mt]

@dbfolks166mt wrote:

@kraftique wrote:

My State is 5 thousand if they would have gone by the States that would have been fair.  But I stopped selling because of Biden's sneaking this in.     And no, I do not want to pay taxes when he has a son who avoids taxes and rips people of for rent.  

It's a double standard

@kraftique the entire threshold change was done when Trump was in office, Not Biden.

I won't bother going into why/how as the first take you have is 100% incorrect. 

     Actually you would be incorrect. The reporting threshold for third party settlement organizations, which include payment apps and online marketplaces, was changed to $600 by the American Rescue Plan Act of 2021. The bill was formulated by the democrats and passed through both the house and senate along near party lines. Biden signed the bill in March of 2021. A little history on the whole pandemic thing. What Trump did prior to Biden taking office in January of 2021, what Biden inherited and what transpired from there. 

https://en.wikipedia.org/wiki/American_Rescue_Plan_Act_of_2021#Response 

@dbfolks166mt @kraftique which was started by the Cares Act under Trump where congress laid the ground work for what Biden then signed- which included changing the way 'America' would be 'paid back' for multi trillion $$ 'give away'  CARES Act - Wikipedia

     The cares act was separate. It was the Democrats and Biden who put the 1099-K threshold change into the American Rescue Plan claiming the additional revenue would pay for the increases in the IRS budget and staffing increases. So much was tacked onto that bill it became a monster that I am surprised was ever passed.