Can I get a 1055 from Ebay if I don't have 2000.00 in sales?

[clothescloseouts4u]

How do I go about getting a 1055 form from Ebay if I have not sold 2000.00?

[*lady*madonna*]

@clothescloseouts4u 

It is now $600 in order to receive a 1099-K from Ebay. This does not start until this year (Jan. 1at, 2022), so you will receive the 1099 in January 2023.

This change was introduced in the American Rescue Plan Act of 2021, which amended some sections of the Internal Revenue Code to require Third-Party Settlement Organizations (TPSOs), like PayPal and Venmo, to report goods and services transactions made by customers with $600 or more in annual gross sales on 1099-K forms. This is industry wide for all Third-Party Settlement Organizations (TPSOs) that you may use to accept payments for the sale of goods and services.

https://community.ebay.com/t5/Announcements/New-1099-K-tax-reporting-requirements/ba-p/32556521

[clothescloseouts4u]

Yes, but what I meant was I need a 1055 for 2021. How can I get one when I made less that 2000.00

Thx - Mell

[*lady*madonna*]

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@clothescloseouts4u wrote:

Yes, but what I meant was I need a 1055 for 2021. How can I get one when I made less that 2000.00

Thx - Mell

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@clothescloseouts4u 

I have never heard of a 1055 and I am a bookkeeper.

You don't need a form to report your income when you file your taxes.

[clothescloseouts4u]

Thanks.  I had the form number wrong, but you still answered my question.  So I just take the stats or whatever from what is listed at the end of the year for tax purposes, correct?

Thanks again,

Mell

[*lady*madonna*]

@clothescloseouts4u 

Hopefully you can pull the report from your Ebay seller hub showing your sales, your fees, your shipping expenses and put those into a spreadsheet.

You can also try to calculate what you bought the items for vs. the selling price, and there you would have your net profit.