Reverb Tax Reporting

**Woody Sound** · 11-24-2023, 11:47 AM

Anyone else get the message from Reverb about the tax reporting ceiling being raised?

**lammie200** · 11-24-2023, 12:22 PM

Originally Posted by Woody Sound

Anyone else get the message from Reverb about the tax reporting ceiling being raised?

Can you post a link to something? I have a ton of stuff to sell and I have resisted because of the $600 ceiling for tax reporting.

**lammie200** · 11-24-2023, 12:32 PM

IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service

It looks like the $600 ceiling will never be implemented and it is still at $20k or 200 transactions. Next year it will be $5k but no mention as to how many transactions. I guess that it all can be moot because you can zero out the sale by a loss on your tax form anyway. Honor system on that I suppose. Hahah!

**andrew** · 11-24-2023, 01:09 PM

Oh thank goodness! That's the news I'd been waiting for. They did the same thing at the end of last year too and I was hoping they would do it again this year.

**Woody Sound** · 11-24-2023, 05:50 PM

Originally Posted by lammie200

Can you post a link to something? I have a ton of stuff to sell and I have resisted because of the $600 ceiling for tax reporting.

Here is the exact email I received:

"Dear Reverber,

Yesterday, we reached out to ensure that your tax details were updated based on how much you’ve sold this year. Shortly afterward, the IRS announced another one-year delay to the 1099-K reporting threshold of $600. Better yet, the IRS is now planning to phase in a new higher threshold of $5,000 in 2024.

For the 2023 tax year, this news means that you will only receive a Form 1099-K for 2023 sales if you:

Exceeded the previous federal threshold of $20,000 in sales and 200 transactions, or
Live in a state with a lower reporting threshold

Thank you for helping us advocate for change
This delay was in part the result of advocacy by Reverb and other leading online marketplaces, who launched The Coalition for 1099-K Fairness in 2021. With the help of the over one thousand Reverb sellers who shared their stories about the benefits of reselling used gear on Reverb, The Coalition successfully advocated for the IRS to raise the $600 reporting threshold. Our work is not done, and we are still engaging with Congress for permanent reform. Please consider lending your voice to those efforts. Thank you for your support.

Thanks,

The Reverb team"