Reporting Threshold $5,000 in tax year 2024
"In a key revision to the law, the IRS said that starting in tax year 2024 it will transition toward the new rule by increasing the reporting threshold from $600 to $5,000. That means people who receive more than $5,000 in payments via PayPal and other apps in 2024 would receive the 1099-K tax form in early 2025 to complete their 2024 tax returns.
For the 2025 tax year, the threshold would step down to $600, unless the IRS makes additional changes."