what exactly does ebay send now for tax purposes?

[drquest]

There is bipartisan support in Congress to increase the ridiculous $600 reporting threshold to something more like $10K. I hope it gets done sooner than later.

I'd be happy with the 200 transactions/$20K in sales level it was before.

if they pass this higher threshold, they will probably make it 10 transactions/$10K or something stupid...

[Nostalgiabuff]

There is bipartisan support in Congress to increase the ridiculous $600 reporting threshold to something more like $10K. I hope it gets done sooner than later.

yeah, the 600 mark is absolutely outrageous. another unjust tax from the government

[Nostalgiabuff]

There is bipartisan support in Congress to increase the ridiculous $600 reporting threshold to something more like $10K. I hope it gets done sooner than later.

i read up on this a bit today. they were pushing this back in June. looks like they are trying to get that set up for this year to roll it back to what it was before. Fingers crossed

[Sideshow Spock]

Update on this: The $600 threshold has been delayed again this year, just like last. For this year (filing in 2024), the old threshold of 200 transactions valued at more than $20K will remain in place. For 2024 (filing in 2025), the new threshold will be $5000. The IRS views this as a "transition" year until the $600 limit is implemented the next year.. tho it's likely by that point lawmakers will have made another adjustment.

[Nostalgiabuff]

where did you hear that? I have been checking periodically to see if that got delayed/changed etc

[Nostalgiabuff]

For tax year 2023, eBay and other online payment platforms are only required to report transactions to the IRS once you hit an annual threshold of $20,000 in gross payments and at least 200 transactions. The IRS recently confirmed these thresholds will remain in place for 2023. Beginning Jan.

https://rollcall.com/2023/11/21/irs-...ing-threshold/

[Nostalgiabuff]

so I am still confused with the tax reporting (as I am sure many are, thus the delays each year). if i was under the 20k threshhold in sales on ebay last year, am i still required to put anything on my taxes if i did not get a 1099 from ebay? I had no where near the threshhold. i sold under 5K.
it looks like they have not actually set a threshold for this year yet, only talk of 5K

[drquest]

I'm in Illinois, and this great state has been requiring this of eBay for a few years now and I got my 1099K this week. They emailed me notification about it and also sent me a physical one. I think because of the delay mentioned above, if you aren't in Illinois or a few of the other states that aren't so friendly to their residents, I don't think you will see anything until next year. From what I read, this tax year is supposed to start the tax fun for everyone else, unless they can modify it again.

[Nostalgiabuff]

yeah,. i checked ebay today and it said no 1099 as I did not meet the threshhold. I am in NY. but i was seeing some chatter online that you still have to list the sales amount on your normal taxes? i have never done that before.

[drquest]

yeah,. i checked ebay today and it said no 1099 as I did not meet the threshhold. I am in NY. but i was seeing some chatter online that you still have to list the sales amount on your normal taxes? i have never done that before.

Yes, that's always been the official statement. You receive any money from any source, you are supposed to report to the taxman. Have a garage sale, make $40, you are supposed to report it.