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$600 reporting Threshold Postponed, will be 5K in 2024
82FootballWaxMemorys
Posts: 1,296 ✭✭✭✭✭
Good news for tiny sellers - even if eBay takes credit they don't really deserve.
IMHO $5000K is fair. $600 was a decades old amount that never accounted for inflation or for governmental administrative overhead. I for one am OK with that amount as long as it's annually adjusted for inflation.
Unless otherwise specified my posts represent only my opinion, not fact.
7
Comments
Morning,
For Fiscal year 2024 it will be $5K, but the Current plan is to revert to the $600 threshold for 2025. This doesn't help except for a temporary reprieve. Hopefully they think this through and make further adjustments.
YeeHaw!
Neil
Fun fact, $600 is the reporting number for lottery wins for tax purposes and has been in GA since day 1. Wonder if they got that figure from there initially.
Is that 5k AND 200 transactions? Or just 5k?
Terry Bradshaw was AMAZING!!
Ignore list -Basebal21
Does anyone know if/when 4SC and/or Greg Morris send out tax stuff to consigners? Or any of the big auction houses? Thanks
Bosox1976
There are a few states (like Maryland) where the eBay threshold was $600 going back to the 2022 tax year. I wonder if that is still the case for 2024. I remember being surprised when I got a 1099 for 2022 - luckily, I kept pretty good records and was able to match up sales to original purchase prices.
Keep good track of your purchases (cost basis), be honest and get a good tax professional. It’s worth paying your fair share of taxes to sleep at night.