The IRS has delayed the implementation of the new $600 tax reporting threshold for Form 1099-K until January 2025. This means that eBay will not be required to report sales of $600 or more to the IRS until January 2025. However, eBay will still be required to report sales of $20,000 or more and 200 or more transactions to the IRS. Additionally, Congress is considering a bill that would repeal the new $600 threshold and restore the previous $20,000 and 200 transaction threshold. If this bill is passed, eBay will not be required to report sales using the $600 threshold.
TurboTax Tip:
To determine your taxable income for eBay sales, you need to look at the information reported on Form 1099-K and take deductions for any expenses related to your eBay sales.