IRS 1099K

[thetimetunnel]

IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation

[heckofagame]

Yeah, so? Why does everyone get all worked up about this?

Is tax evasion that much of a rush?

You are still supposed to report your income, whether or not you get a 1099-K. 

[ebooksdiva]

---

@heckofagame wrote:

Yeah, so? Why does everyone get all worked up about this?

Is tax evasion that much of a rush?

You are still supposed to report your income, whether or not you get a 1099-K. 

---

@thetimetunnel  Not only the above but each state has their own tax reporting threshold. 
Makes no difference to me what the income reporting threshold is, I declare my eBay income regardless of the amount I’ve earned. I may or may not be required to pay taxes on the amount.  

[monroe67]

This OP is a little late to the party.
The IRS made this announcement 9 or 10 days ago.

This forum has had approximately 9 or 10 different threads posted and discussed, maybe more

This recent IRS announcement means that eBay is not required to send the 2023 Form 1099-K to any seller who received less than $20,000 in payments from eBay.

This recent IRS announcement does not  mean that eBay sellers are allowed to leave their eBay payments off their income tax return.  

[chapeau-noir]

This has been mentioned here.

[blue-mountain-bugler]

It doesn't matter to businesses but it does to a hobbyist like myself that just buys and sells occasionally to update his/her collection. All the 600 dollar limit would do is create a lot of extra paperwork to show a net zero gain after the original cost of the item, shipping and seller fees are deducted. 

[missjenec80]

this is such a lie -- ebay already had the sent outs since 2021.....I got one last year and I sold  $4500 not 20k or 200 items....just watch your dashboard 

[dbfolks166mt]

this is such a lie -- ebay already had the sent outs since 2021.....I got one last year and I sold  $4500 not 20k or 200 items....just watch your dashboard 

     You need to read the following part of the announcement closely. You are in New Jersey which is one of "those states" that have their own 1099 issuance threshold. 

     As a result, for tax year 2023, only eBay sellers who exceed the current reporting threshold of $20,000 and 200 transactions, had backup withholding applied in 2023, or are residents of states that have a lower reporting threshold will receive a Form 1099-K.