We are happy to report that, thanks to your efforts, Congress has restored the original 1099-K reporting threshold of $20,000 and 200 transactions. This change will prevent millions of Americans who are selling used, personal items from receiving unnecessary and confusing tax forms.”
The information I have found indicates the reporting thresholds are now reverted to original pre-2021 numbers effective immediately for 2025 taxes and retroactively. So refiling might be possible to recoup 2024 taxes already paid.
Incidentally, I have not received anything from ebay about this change. Although other ebay users have reported getting that same email mentioned by @Silentguy.
I would not expect the IRS to have updated info on their website for several months, possibly until the end of the year. They have to rewrite a lot of the publications, forms and everything with all the new tax-related rules. Moreover, there is still the interpretations of the new law that Treasury and the IRS have to sort out. And the fact that ‘DOGE’ laid off staff and this administration always trying to change things, it will be a confusing upcoming tax year.
