Ebay tax reporting drops from $20,000 to $600

[Jewish-collector]

fyi - They did change some states thresholds recently. These nine states have lower 1099-K threshold limits different from federal requirements. They will produce 1099-K if you conduct business in these nine states.

State Threshold Effective
AR $2500.00 2020
DC $600.00 2020
IL 4 CC Trans + $1,000.00 2020
MA $600.00 2018
MD $600.00 2020
MS $1,000.00 2020
NJ $1,000.00 2020
VT $600.00 2018
VA $600.00 2020

[BobC]

Originally Posted by Jewish-collector

fyi - They did change some states thresholds recently. These nine states have lower 1099-K threshold limits different from federal requirements. They will produce 1099-K if you conduct business in these nine states.

State Threshold Effective
AR $2500.00 2020
DC $600.00 2020
IL 4 CC Trans + $1,000.00 2020
MA $600.00 2018
MD $600.00 2020
MS $1,000.00 2020
NJ $1,000.00 2020
VT $600.00 2018
VA $600.00 2020

Yup, I usually try to remind people that state laws can (and do) vary from federal laws, and can be all over the place. So you always have to pay particular attention to whatever state(s) you are in when it comes to taxes as well.