Tax Year 2024 1099-K For Sellers

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There are new rules in effect for tax year 2024 and 1099-K forms have already begun to be issued for amounts exceeding the new $5.000 federal threshold. Some states have lower thresholds. Consult your tax professional concerning any form 1099-K received from eBay. Paypal, Square, and Venmo.

There is no transaction amount to exceed as was the case for tax year 2023. Expenses against the income reported to the IRS on form 1099-K will need to be detailed in a seller's tax return. The IRS will be begin accepting electronic returns on January 27th, 2025.

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www.irs.gov