Bumping thread with new info the IRS recently published. Reporting threshold for 1099 is as follows:
2024: $5,000
2025: $2,500
2026: $600
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So back to how this affects collecting - I said a few years ago when $600 was initially proposed - people will shy away from buying out retail sealed product to flip on eBay. That is always welcome.
Letâs be real - Team Rocket isnât self reporting income from the flips, haha
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It will just shift to facebook groups and instagram
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For sure, would require friends and family payments, since goods and services on paypal also has the $600 limit
$600 does feel pretty low. Even 5k still feels low. I know guys who rent ice year round and collect that amount from people, while making no money. 10k makes more sense.
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It sucks it costs them more now to file taxes with the tax form that negates that âincomeâ
Just unnecessary paperwork for the honest people out there
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600 had always felt very low. Seems ridiculous that you would need to file on whatâs essentially a good garage sale as opposed to something more structured. But 
lots of people cheat regardless. My piano teacher takes Venmo only, cleaners are cash only. Theyâll essentially never be affected
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the worst part is for something like, lets say an old laptop that you are trying to sell off to buy a new one. sell it for over 600 to someone who isnât trustworthy for F&F? good luck sorting that out
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You shouldnât have to be paying income tax based on revenue. Keep track of what you paid for the items you sold and it wonât impact the amount you owe much.