The IRS had changed the rules (now not effective until tax year 2024 for returns filed 2025) from taxing those with income from venmo, ebay, etsy, facebook marketplace, etc from $$20,000 to $600. Now back to 200 transactions worth more than $20,000. YEAH!!
If you received business payments via apps such as PayPal and Venmo in 2023, you will not be subject to a lower threshold for 1099-K tax reporting.
If you received business payments via apps such as PayPal or Venmo or e-commerce companies such as eBay, Etsy or Poshmark in 2023, your tax return may now be a little less complicated.
The IRS announced Tuesday that 2023 would be a “transition year” for a new tax reporting requirement affecting such payments. Once in place, it will trigger Form 1099-K for just $600 in payments, even if that income stemmed from a single business transaction.
For 2023, the old limit of more than 200 transactions worth an aggregate above $20,000 will remain in place. The agency will phase in the lower threshold by adding a $5,000 limit for 2024, but it didn’t specify a transaction limit. The $5,000 limit will apply to tax returns filed in 2025.
https://www.cnbc.com/2023/11/21/irs-delays-rule-change-for-1099-k-on-venmo-paypal-business-payments.html
