2024 Form 1099-K IRS tax reporting threshold on PayPal?

I know, everyone wants to know about this. Below are the transaction limits for PayPal:

The IRS has recently announced an additional delay in implementing the new $600 USD reporting threshold for goods and services transactions. The 2024 requirement for Form 1099-K reporting to the IRS is $5,000. Additionally, PayPal and Venmo will file Form 1099-K for any customer who was subject to backup withholding during 2024, regardless of total payments for the year. In the case where an individual state has a lower threshold, PayPal and Venmo will report accordingly.

If you live in the following US states, you’re subject to a lower reporting threshold:

    Vermont, Massachusetts, Virginia, Maryland: $600 USD in gross payment volume from sales of goods or services in a single calendar year, regardless of the number of transactions.
    Illinois: over $1,000 USD in gross payment volume from sales of goods or services in a single calendar year and four or more separate transactions.

This is actually good news for me. I sold a bunch of things ealier this year which put me above $600 but below $5000.

If you're in a 5k state and underneath the 5K threshold, sell em if you got em!

I believe for tax year 2025, the limit gets cranks down to $2500

Tax year 2026 hits the $600 mark

All this info is on the PayPal website. Click on the gear>Statement & Taxes tab, and the info is there