New Lower Form 1099-K Reporting Thresholds

The 1099-K is sent by payment processors payment apps and online marketplaces (e.g., Venmo, Amazon, Airbnb, Uber). The new law drops reporting from a $20,000 threshold in 2023 to $5,000 in 2024; $2,500 in 2025; and $600 in calendar year 2026 (which matches the 1099-NEC and 1099-MISC limit).

I was quoted on 1099K reporting impact on personal use transactions in the San Francisco Chronicle.