IRS regulations require businesses that process payments, including GOAT and its payment processors, 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 2023 calendar year, the IRS has raised the previous reporting threshold of $600 USD in gross sales made with no transaction minimum to $20,000 USD in gross sales made from over 200 transactions.
Please note that there are 8 states with lower reporting thresholds for 1099-K issuance, which are set forth below:
District of Columbia $600
Illinois $1,000 and 4 transactions
New Jersey $1,000
You should receive a Form 1099-K by January 31, 2024 in the event you exceed either the IRS threshold or an applicable state threshold for the 2023 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.