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Good news eBay sellers: $600 threshold delayed again
Posted on 12/15/23 at 9:06 am
Posted on 12/15/23 at 9:06 am
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quote:
In some excellent news for millions of eBay sellers, the Internal Revenue Service (IRS) announced another delay of the $600 reporting threshold for Form 1099-K. 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. For tax year 2024, the IRS announced plans for a $5,000 reporting threshold. We expect further guidance on the tax year 2024 and beyond in the coming months and will keep you in the loop.
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