Anyone who earned more than $5,000 in 2024 selling tickets, musical instruments or other goods and services online should expect to get a 1099-K tax form this month. Online platforms such as StubHub, Etsy and eBay previously only had to send these forms to users who earned more than $20,000 in most cases. The lowered threshold means forms will be sent to millions more taxpayers to make sure they account for the income on their tax returns.
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The IRS now knows a lot more about what you sell
“The IRS wants to get the message out that they’re enforcing it,” said Bryan Skarlatos, a criminal tax lawyer with the Kostelanetz law firm in New York.
