eBay 1099-Ks are Coming… Electronically
Yesterday, we received the following email stating that eBay’s 1099-Ks are coming electronically for 2024.
Understandable confusion – but don’t worry
First, this email was received for a seller account that only sold personal items this year. This might raise concerns that personal sales may get reported as “taxable.” But that’s not the case – it just means you will want to properly account for them in your personal tax return, which we explain in this post about the relationship between personal sales and 1099-Ks.
Second, the seller account that received this email also sold less than $600 for all of 2024. This raises the question about the sales threshold for receiving 1099-Ks. eBay links to an article that discusses reportable criteria, so clearly not every seller will receive a 1099-K. As of the last IRS announcement, the threshold for 2024 is expected to be lowered to $5,000 in gross receipts. But, as we’ve seen before, this could still change.
As we’ve mentioned before in prior blog posts, 1099-Ks are “informational” documents designed to help identify eCommerce sales across platforms. So long as you are correctly tracking and reporting actual business profits, you should have nothing to worry about.
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