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It is not a "HOBBY" if you are making $$$ doing it. 🤣
If you made a profit in at least 3 out of the last 5 years, the IRS generally considers you to be in business vs. a hobby. Obviously, there are other criteria, but it's beyond the scope of this discussion. The $600 threshold to generate a 1099 is nothing new.
 
If you made a profit in at least 3 out of the last 5 years, the IRS generally considers you to be in business vs. a hobby. Obviously, there are other criteria, but it's beyond the scope of this discussion. The $600 threshold to generate a 1099 is nothing new

The $600 threshold has been delayed by the IRS for 2023. And as it is right now, it is at $20,000, with the proposed change for 2024 being adjusted to $5,000.

 
The $600 threshold has been delayed by the IRS for 2023. And as it is right now, it is at $20,000, with the proposed change for 2024 being adjusted to $5,000.

I was thinking of the 1099NEC. The "K" is a different animal
 
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