If you received more than $5,000 for online sales of “goods or services” in 2024, you might get a Form 1099-K. Don’t ignore it, an expert says.

If you sold personal items like concert tickets or used clothing online last year or received money for services through payment apps, you may get an unfamiliar tax form this year.

A tax law change means most online marketplaces and payment apps must send the Internal Revenue Service a form called a 1099-K, with a copy to you, if you received more than $5,000 in payments for “goods or services” in 2024. That’s down from a threshold of $20,000 in payments and more than 200 transactions. (Starting in 2024, the number of transactions no longer matters.)

“As the threshold keeps going down, it catches more people,” said Melanie Lauridsen, vice president for tax policy and advocacy at the American Institute of Certified Public Accountants.

Under the old

Keep reading this article on The New York Times Your Money.