All income must be reported with or without a reporting document. There are very limited exceptions. The exceptions do not pertain to your situation for 2024.
- The limited exception is money between family members and the sale of personal use items at a loss. Examples would be selling your clothes, or similar items that might be part of a yard sale and sold at a loss. Personal losses are not allowed to be used to lower other taxable income.
Who must report and send 1099-Ks to individuals?
If you used a payment app or online marketplace and received a Form 1099-K:
A payment app or online marketplace is required to send you a Form 1099-K if the payments you received for goods or services total over $5,000. However, they can send you a Form 1099-K with lower amounts. Whether or not you receive a Form 1099-K, you must still report any income on your tax return.
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