IRS pushed back the $600 seller 1099-K for 2023 tax year...any official announcement from eBay yet?

[horizon1229]

IRS announced on Nov 21, 2023 regarding postponing the 2023 $600 tax requirement and increasing it to $5,000 in 2024: https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-...

It is my understanding that other platforms like Etsy already sent their sellers confirmation that no 1099-K will be sent to the sellers who sold between $600 - $20,000 in 2023. Anyone gotten official announcement from eBay yet? Would eBay follow this new guideline and update their 1099-K information center (https://www.ebay.com/sellercenter/resources/2022-changes-to-ebay-and-your-1099-k) before end of this year?

[kensgiftshop]

Does it really matter if you get a piece of paper or not?

You still report your income like you're supposed to.

[ebooksdiva]

Just add this post to the ever growing posts on the same subject. 
Plan on declaring your eBay income regardless of the reporting threshold eBay has or doesn’t have.  
While you’re at it, check on what your state’s reporting threshold is. 

[lacemaker3]

I haven't seen an announcement from eBay yet.

However, given that eBay has been lobbying heavily against the lower threshold, I would say that the chance that eBay would send 1099-K forms when they are not required to is probably zero.

[buyselljack2016]

No, but who cares when eBay gets around to an official announcement?

[dbfolks166mt]

     Read some of the other postings regarding this subject. There has been nothing and you may not ever see an announcement. As an FYI not sure what state you are in but you may want to check your state laws. Some states already have a lower threshold and the Federal levels mean nothing in those cases. Also the $5K is a rumor and will take passage by Congress and even that will not change the state levels. 

     I have also not received anything from PayPal, Venmo, Zelle or Google Pay. My assumption is those processors feel the account holders know what they are doing and what the laws and requirements are. 

[pumpnmunch]

i believe this is just a stupid RUMOR...

ITS allways been a $20,000 threshold....

every year the RUMOR starts again.

[buyselljack2016]

@pumpnmunch 

it was changed to $600 in 2022

it was delayed by IRS late 22, late 23.

as there has been no notice of delay 2024....................... it is $600

and to save others posting.................... some states are and have been lower for the 1099-K issuance

[simba6]

The " American Rescue Plan (ARP). " in action.    Rescue what from whom?

It's not indexed for inflation either.  So, that wolf will just keep getting closer to the door.

[theteamsetguy]

@simba6 ,

They should make it easy and lower it to the same threshold as the 1099INT, 1009R, 1099DIV, and etc.  Why should the 1099K be any different.

[kh-shakhib]

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.