IRS Delays 1099-K Implementation For Another Year 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, sellers will receive a Form 1099-K only if their 2023 sales exceed $20,000 and 200 transactions, they had backup withholding applied in 2023, or are residents of states with a lower reporting threshold. For tax year 2024, the IRS announced plans for a $5,000 reporting threshold. We expect further guidance on tax year 2024 and beyond in the coming months and will keep you in the loop. eBay and the Coalition for 1099-K Fairness have worked tirelessly with lawmakers for the last 2+ years to advocate for a higher, common-sense threshold on behalf of our seller community. While we are grateful that the lower reporting threshold will not be implemented for the upcoming tax filing year, we will continue to advocate with members of Congress to establish a permanent legislative solution with a higher reporting threshold. Sincerely, The eBay Government Relations Team
