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Paypal sending 1099-Ks to USA sellers who received over $600

Feb 4, 2018

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    1. The old threshold was $20,000 and they want it at $600 but for 2024 it’s $5,000. Some states are different though.

      I’m happy to get this information at the beginning of the year instead of the end like they did the last two years, in ‘22 and ‘23 I kept my sales below $600 to make sure I would not have to report and then found out at the end of the year I didn’t have to.
       
      #81 NineOneThree, Jan 13, 2024
      Last edited: Jan 13, 2024
      • x 3
    2. I wish the information was easier to find. I don't care if each state has a limit but I would love if either PayPal or IRS would just let us know what limit is once and for all. If limit in Illinois is $5000 I can get sales at least a couple dolls gone and be happy. I just don't want to lose more then I have to.
       
      #82 animemom, Jan 13, 2024
      • x 1
    3. #83 animemom, Jan 13, 2024
      • x 1
    4. #84 NineOneThree, Jan 13, 2024
      Last edited: Jan 13, 2024
      • x 3
    5. If you’re in a state where they previously had the rule for $600 threshold, nothing changes. To get specific requirements for your state you should talk to a tax preparer in your area. But if you have proof that you did not make a profit the income is not taxable.
       
      #85 NineOneThree, Jan 13, 2024
      • x 3
    6. If you're not a business, not filling as a business, I discovered through some tax info sites something interesting. If you're owned the items more than 1-2 years, and they are from your own possessions, there is an option to claim the sales as personally owned items under the capital gains/losses. Since capital gains has a much higher exclusion threshold, it's worth looking into if you're selling only your stuff to meet bills or make ends meet. Anyone else look into this?
       
      #86 hobbywhelmed, Jan 13, 2024
      • x 2
    7. @hobbywhelmed - it's a one-year threshold (exactly one year, as in 365 days, and yes, I've had to do the math before, lol). As far as the capital gains tax rate, start here.
      Note: "taxable income" is the income after your adjustments and the standard (or itemized) deduction - the number right before you calculate your tax, which is line 15 on page 1 of the 2023 return form for individuals.
      Summary of how to list capital assets in my comment here.
       
      #87 MaleficentMrsofEvil, Jan 14, 2024
      • x 2
    8. Anyone know the 2025 limit? Is it down to the 600 now?

      I know 2024 was 5k.
       
      #88 vermaxen, Dec 16, 2024
      • x 1
    9. I’m hearing that they’re raising it to 5,000
       
      #89 Xxluckyf8xx, Dec 16, 2024
      • x 2
    10. #90 Bren, Dec 18, 2024
      • x 2
    11. Since it's mainly sales tax, I think its a state matter so I would look into what your states says about what is really tax free.
       
      #91 animemom, Dec 18, 2024
    12. To be honest I don't feel the threshold matters much anymore. The fact is they're paying closer attention (or at least want you to think they are), so I hope y'all are keeping every single doll-related receipt no matter what the threshold is! Whether you get a 1099 or not, any profit you made selling your stuff is taxable income. Whether you get a 1099 or not, selling your stuff at a loss is not taxable income.

      I still have not heard of anyone being contacted about failure to report "income" from these 1099s. I personally have made no mention of doll sales on my taxes for five years, and nothing has come of it. (To be clear, ALL of my doll sales were at a loss for those five years.) I'm not advising or recommending my way, but just wanted to say how it's going for me in case it makes anyone feel better. I was so scared when I got my first 1099, but so far nothing bad has happened to me because of them. :)
       
      #92 overlordu, Dec 18, 2024
      • x 7
    13. As far as I know Massachusetts is still only 600! urgh been going on for many years now. I wish they would be reasonable.
       
      #93 TreeLore, Dec 19, 2024
      Last edited: Dec 19, 2024
      • x 1
    14. I wish the states would all let up as many people only do selling online because the jobs they have just don't cover everything. The rich get richer.
       
      #94 animemom, Dec 19, 2024
      • x 4
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