"Always remember that the amount reported on a tax form is not necessarily the full ... If you sell a designer handbag for $200 and you paid $500 for it, you're not going to face a tax bill.

This tax season, the form only applies to individuals with gross ... required for payments exceeding $20,000 on an aggregate of 200 transactions. The threshold for 2024 transactions was lowered ...

Freelancers making $5,000 from third-party payment apps will be required to report it on their taxes. The Internal Revenue Service (IRS) now requires freelancers to report payments of $5,000 and ...

The Internal Revenue Service extended its transition relief Tuesday for the new Form 1099-K information reporting threshold ... The American Rescue Plan Act of 2021 lowered the old threshold from ...

The IRS has begun to ... What to do if you get a 1099-K Form 1099-K FAQs In 2021, Congress lowered the threshold for reporting income on payment apps from $20,000 and 200 transactions annually ...