1099k

[gorapani]

I JUST SAW ON A IRS WEBSITE THAT THE $20,000 has been restored from $600 back to $20,000.Does anyone know if this is true?

[ebooksdiva]

True or not any income made on eBay should be declared on your taxes whether you receive a 1099 or not. 
Although on the Federal end of 1099 maybe issued for sales of $20,000 and 200 items, individual  state threshold maybe much lower, check with your state.

If your states requirements are lower eBay will still issue a 1099 

[caldreamer]

The One Big Beautiful Bill Act returns the 1099-K reporting threshold to $20,000 and 200 transactions.

This change in 1099 reporting only helps large corporations from doing lots of bookkeeping.   IRS still requires that everyone report "gross income" on every dollar earned.

Also every state has different levels for 1099 reporting (some as low as $600).

[kensgiftshop]

@gorapani 

According to Google, the threshold for Illinois is $1000.

[gorapani]

I don't live in Illinois.I live in Wisconsin.

[ebooksdiva]

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@gorapani wrote:

I don't live in Illinois.I live in Wisconsin.

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Threshold for Wisconsin is lower than Illinois it is $600 looking at your recent sales I would guess that you and the IRS will get a 1099 based on your recent sales. 

The item you have listed says it is located in Lake Buff Illinios which how the previous responder came up with Illinios. 

[monroe67]

"I JUST SAW ON A IRS WEBSITE THAT THE $20,000 has been restored from $600 back to $20,000.
Does anyone know if this is true?"

Yes, it is true.  

Not only has the minimum dollar amount been increased to $20,000, but there's also a minimum number of transaction threshold:  200 separate transactions.  

This means that eBay will not be preparing or sending out Form 1099-K to sellers who sold less than $20,000 in at least 200 transactions.  Unless, of course, the seller's state has a lower threshold.  

There is nothing in the One Big Beautiful Bill Act (that I know of) that changes the amount YOU, as (presumably) an American income tax payer, are expected to report as income on your own federal (and state) income tax return.  

BTW, if I read something pertaining to income taxes and reporting on "A[n] IRS WEBSITE" . . . . .
I would fully expect it to be TRUE !!   

[jscar59]

Just call it a tip. Lol

[jscar59]

Not this administrations websites. 

[christworks]

It always gets me that every time someone makes a post about 1099ks and taxes, people jump in to quickly point out that all income should be reported. It is the same way on the IC forum I belong to as well. Lots of people want to be armchair tax hawks and do the job of the IRS. Most of them would not want the IRS snooping through their records. 

Yes, all income should be reported. Yes, states can have their own requirements, like Virginia, where I live. I was getting the 1099-Ks before most of the country. I will continue to get them unless Virginia law changes. The reality is at the federal level, under this administration, the IRS is not going to come after you if you make a relatively small amount of cash "under the table" on eBay. You have people in this administration who actively want to dismantle the IRS. They are not interested in coming after the little guy. That does not mean a future administration won't. Of course, ethically, all income should be reported. I believe that. I'm just not one to jump on the bandwagon as some type of anointed IRS crusader to point that out every time someone dares mention the dreaded 1099k. 

[kensgiftshop]

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@gorapani wrote:

I don't live in Illinois.I live in Wisconsin.

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Was going off the location in your listings.

[rudy2828]

By state:

https://docs.stripe.com/connect/1099-K

[monroe67]

"The reality is at the federal level, under this administration, the IRS is not going to come after you if you make a relatively small amount of cash "under the table" on eBay."

The reality of selling on eBay, subject to all of eBay's rules/regulations, regardless of who sits in The White House,
                is that transactions are not "under the table."  

[dy60609]

Yup, the "armchair tax hawks" are here as once again the many "scofflaws" will be flying under the radar so that some of the rest of us can pay their share of the tax burden.

It isn't just the folks selling a few things for no $ gain. There are the $19,999 sellers also keying in on this change😁