New 1099-K Update: IRS Delays $600 Reporting For Payment Platforms

Описание: On December 23, 2022, the IRS announced delaying the $600 limit for 1099-K reporting. Meaning if you sold something on ebay, Airbnb, etsy, etc., and you received more than $600, you will not receive a 1099-K, unless the amount earned was greater than $20,000 or 200 transactions.

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The IRS said they would delay this for another year.

The article below states that you need to report income earned on your tax return, even if its below $20,000. If you were to get audited by the IRS, and they find out you weren't reporting income, you'll be subject to fines and penalties.

https://www.wsj.com/articles/irs-dela...

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