IRS regulations require businesses that process payments, including GOAT, to issue a Form 1099-K to US-based sellers whose sales and transactions have reached certain reporting thresholds. If you are not a US person as defined by the Internal Revenue Service, or do not meet the requirements set forth below, you may not receive a Form 1099-K.
For the 2024 calendar year, the IRS has reduced the previous reporting threshold of $20,000 USD in gross sales from over 200 transactions to $5,000 USD in gross sales with no transaction minimum.
Please note the following states with lower reporting thresholds for 1099-K issuance, which are set forth below:
Arkansas: $2,500
District of Columbia: $600
Illinois: $1,000 and 4 transactions
Maryland: $600
Massachusetts: $600
Mississippi: $600
Missouri: $1,200
New Jersey: $1,000
Pennsylvania: $600
Vermont: $600
Virginia: $600
You should receive a Form 1099-K by January 31, 2025 in the event you exceed either the IRS threshold or an applicable state threshold for the 2024 calendar year. Please see IRS.gov for more details regarding Form 1099-K.
GOAT does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only and should not be relied upon for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before acting on the information set forth herein.