IRS Delaying the 1099-K Reporting of Transactions Above $600 Until 2024 Now

[PROSTOCKTOM]

Just read this article which stated the IRS is delaying the reporting of any electronic transactions above $600 to be issued or to issue a 1099-K. This is great news for hobby guys using eBay or any type of electronic 3rd Party payments. So until 2024 we can still make up to $20,000 and 200 transactions without the need to report the activities. Looks like my hobby money is safe for one more year now.

Here's the link to the article. NTA Blog: Heard Loud and Clear: IRS Postpones Implementation of $600 Form 1099-K Reporting by a Year - TAS

Tom

 

[SgtSuperbird]

You have always had to report income, regardless of receiving a 1099 or not. The $20K threshold is for receiving a 1099, not an exemption from reporting anything under $20K.