Those who use platforms like eBay and Facebook Marketplace to make a little money on the side will want to pay extra attention this tax season as the Internal Revenue Service implements long-planned changes to its treatment of form 1099-K—which is used to report a variety of online payments.
Anyone who earned $5,000 or more in payments in 2024 on any payment platform, app, or online marketplace must report the income on their tax return this year. That could be from selling products on StubHub, Etsy, eBay, etc., or services on sites like Airbnb. If you've sold goods or services on any of these platforms, the companies will send you a tax form called a 1099-K by the end of this month.
