eBay

judy94z6 · ‎12-01-2023

Why has eBay not mentioned the fact that small sellers will not be impacted this year under 5000 dollars?

ebooksdiva · ‎12-01-2023

Why do you ask? You’re still required to declare your eBay income regardless of amount. You don’t need a 1099 to do it.

tsme35 · ‎12-01-2023

Probably because its still 20K and 200 transaction, the $5k is for 2024 "IF" they ever again on it. Plus there's a few states that have lower requires.

tsme35 · ‎12-01-2023

agree on it

kensgiftshop · ‎12-01-2023

Just because Ebay doesn't report your income, it doesn't mean you don't have to.

You have to report it like we've always been required to do.

Have A Great Day.

janet9988 · ‎12-01-2023

Why do you think ebay should let you know?

Lift your left leg at midnight to start off on the right foot. Happy new Year!

monroe67 · ‎12-01-2023

"Why has eBay not mentioned the fact that small sellers will not be impacted this year under 5000 dollars?"

The only "impact" that eBay's "small sellers" will experience as a result of last week's IRS announcement is - - - - - - - -
They will not receive a piece of paper from eBay that tells them the gross amount of money that eBay processed and paid out to those sellers for their sales transactions on eBay.

Some impact. "Ouch, that hurt; I was impacted. I did not receive a slip of paper from eBay."

And the minimum criteria for eBay to report -- to the IRS -- for such transactions that took place during 2023 is $20,000 and 200 transactions. Those numbers -- at least $20,000 in at least 200 transactions -- has been the rule for years if not decades.

As an American who earned/earns money, you are expected to report all of that money to the IRS on Form 1040 or whichever version applies to you. The IRS considers it all income.

heckofagame · ‎12-01-2023

I predict that by the end of 2024, most states will have a minimum reporting threshold of their own and there will be no need for a Federal threshold. Someone write this down.

kensgiftshop · ‎12-01-2023

Once the states figure out how much money they are losing from sellers not reporting their income, I bet there will be some changes.

Have A Great Day.

1786davycrockett · ‎12-01-2023

@heckofagame

"I predict that by the end of 2024, most states will have a minimum reporting threshold of their own and there will be no need for a Federal threshold. Someone write this down. "

Whether or not more states establish minimum income reporting thresholds, those state thresholds ONLY apply to STATE income tax -- and NOT Federal income tax.

Thus, it is VERY unlikely that "there will be no need for a Federal threshold."

And that is already written down -- in Federal income tax statutes.

buyselljack2016 · ‎12-01-2023

some are scoff laws. Some just don't understand the laws

the interweb supplies misinformation that some think is fact. This one has recently started popping up amongst the other click bait.

it reinforces the misunderstand of the reporting requirements

nobody*s_perfect · ‎12-01-2023

@judy94z6 wrote:
Why has eBay not mentioned the fact that small sellers will not be impacted this year under 5000 dollars?

Last year, the IRS made an announcement on December 23 and eBay passed it along on December 29. This year, if eBay does get around to sharing the latest IRS announcement, it will be an even longer delay.

So for your reference, here's a link to the IRS announcement from November 21, 2023. For 2023 the threshold will still be $20,000 (unless you live in a state with a lower threshold), and IRS is proposing a $5K threshold for 2024.

https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-...