Any word on if the $600 limit before getting a 1099 is going to be raised in 2023?

[mega-ma-roo]

No. 

[1786davycrockett]

Since this is an election year, it probably has a very low importance factor on most politician's minds (and, for many politicians, it may be too generous to assume that they actually possess anything posing as a "mind").

Nothing will be changing until well after April 15, 2023, after which the Internal Revenue Service will no doubt be examining whether or not mailing out millions of new 1099-K forms every year for internet income over $600.00 continues to be a feasible idea.  I suspect that there will be a large influx of "hobby" sellers, who will not be showing a profit, for whom the IRS will now have to provide a large number of tax refunds -- and some of those refunds may be quite sizable for many "hobby" sellers who unwittingly have been selling at a loss all along.

So probably no 1099-K updates until Fall 2023, at the very earliest.  I'm sure that eBay will keep us informed, as they don't care for that lower threshold for the 1099-K, either.

Stay tuned.

[thetimetunnel]

There's a bill in Congress right now to raise the limit to $5000 H.R.7079

[dbfolks166mt]

     It is highly unlikely anything will happen with regards to the 2022 tax year and anything related to 2023 may depend a lot on the outcome of the midterm elections. Even if they manage to raise the limit at the federal level, which by the way does NOT change your tax liability, there are state laws that would still remain in place. There is also the possibility that the individual states would change their own 1099 reporting requirements if the Fed raises theirs. Many states had already enacted individual 1099 reporting threshold reporting requirements before the Federal threshold took effect. 

[toysaver]

"Nothing will be changing until well after April 15, 2023, after which the Internal Revenue Service will no doubt be examining whether or not mailing out millions of new 1099-K forms every year for internet income over $600.00 continues to be a feasible idea."

The 1099-K  are not mailed out by the IRS, they are received by them from those required to report.

"I suspect that there will be a large influx of "hobby" sellers, who will not be showing a profit, for whom the IRS will now have to provide a large number of tax refunds" 

That's not how it works.  Refunds will not be coming, the hobby sellers just won't be paying tax.

[stephenmorgan]

---

@thetimetunnel wrote:

There's a bill in Congress right now to raise the limit to $5000 H.R.7079

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There are several bills and none of them have many co-sponsors.

I do not think there is any real desire to change the law.  

[biggymoe]

Slim to none, and Slim is out of town.

[stainlessenginecovers]

Hobby Sellers cannot 'write off' anything beyond the gross amount on the 1099; so there will be NO refunds required.