$5000 limit 2024

[winomore]

I understand the new $5000 limit for 2024. But is there still a bottom line for how many items you sell to go with that?

200 items was the previous number and $20,000. 

Say I sold only one item in 2024 for $6,000, would I receive a 1099K and be required to pay a tax on the profit, which I would do anyway. 

Thanks in advance

[shopgirlohio]

To clarify you are not always required by law to report all income made from eBay sales. If you are selling your personal items and not making a profit on them, similar to a garage sale,  you do not have to report this on your tax return. If eBay issues a 1099k for you sales because you went over a certain threshold than it will be necessary to understand how that should be handled on your 1040. But without a 1099k, for example selling your old sofa on eBay for $1500 when it cost you 3k- you are not required to report this as income. 

[kh-vince]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.

Thank you for understanding.