For 2024, individuals receiving $5,000 or more in income from goods and services through third-party payment networks (e.g., Venmo, Cash App, PayPal, Zelle) will receive a Form 1099-K (Payment Card and Third-Party Network Transactions) in January 2025.
If a taxpayer receives a Form 1099-K for the sale of a personal item sold at a loss or receives one in error, the total amount from that 1099-K will now be reported on a new line at the top of Form 1040, Schedule 1.