A form 1099-K is issued by third-party networks, such as PayPal, Venmo, Ebay, Square, etc. For 2024, they will issue form 1099-K if the amount you received was equal to or greater than $5,000 for the entire year. For 2025, this amount is reduced to $2,500. For years after 2025, this amount is reduced even further to $600. We expect the Trump-Era regime will change the rules before we get to the 2026 amount of $600.
Comments