IRS announces delay in new $600 1099-K tax reporting threshold

[sheila@ebay]

Please check out the 1099k reporting threshold announcement from December 29th, here. This announcement should cover the majority of 1099 questions.

Have more questions that aren't covered in the announcement? Please post your questions in this thread.

[slippinjimmy]

oops!😉😍

[bryo_3145]

Those who don't pay their taxes might have a cell mate by the name of Donald. 

[dbfolks166mt]

1 - Sales Tax rates and what goods they apply to are set by the States

2 - Sales Tax was introduced during the 1930's depression

3 - No states that I am aware of have an exemption for general used goods

4 - Sales Tax is exactly what it says, a tax on SALES other than itemized exemptions (food primarily) the condition (new/used) is irrelevant.

5 - Sales Tax has been introduced and modified by State Governments many times over the past 90 years, surely some of those State Governments were controlled by Republicans who could if they wished to modify the rules.....do you have any examples that would confirm your allegation that it's only Democrat controlled States that increase Sales Tax rates or the items they apply to.

I'll wait for your answer!

    It goes well beyond just the states. There are over 10,000 sales tax laws on the books that start at the state level and are compounded by county, city, parish, town and God knows what else and agree the Democrat's don't control the complete picture. Virtually EVERY state jumped on the ecommerce sales tax in the wake of the Supreme court decision and not all of those states are controlled by the Democrats. Both parties adjust taxes based on their agenda and they go both up and down although seldom the later. 

[greatmidwestcoin]

I would like to communicate with you a concern that I continue to have with how the community board is run. I would greatly appreciate a few minutes of your time as the problem continues. Thank you!

[itsjustasprain]

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@greatmidwestcoin wrote:

I would like to communicate with you a concern that I continue to have with how the community board is run. I would greatly appreciate a few minutes of your time as the problem continues. Thank you!

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sheila@ebay? Message for you...

[parvavox]

Hi I have a question and would be to helpful to get an answer. I desperately need to finish my taxes for my refund. Will I be receiving a 1099-k from eBay if I made a little above $600? I don’t want to keep waiting till the 31st if I won’t receive the form. Thank you so much and happy new year! 

[parvavox]

Hi I have a question and would be to helpful to get an answer. I desperately need to finish my taxes for my refund. Will I be receiving a 1099-k from eBay if I made a little above $600? I don’t want to keep waiting till the 31st if I won’t receive the form. I forgot to add that I’m in NYC.

 Thank you so much and happy new year! 

[slippinjimmy]

The New York State threshold is the same as the Feds so for 2022 you will (likely) not receive a 1099K.

In any event you don't need a 1099K to prepare and file your 2022 Tax Return.

[johnsonsigns_decals]

This is my first year selling and I’m not sure if I hit $20,000 in sales, if not I came very close. What forms do I need to print out for tax purposes if I do not get a 1099k? 

[shipscript]

@johnsonsigns_decals 

eBay has an income/expense spreadsheet here:

https://www.ebay.com/sh/fin/reportslanding

Create and Download the "transaction report" for the 2022 calendar year.

When you fill out your tax return (schedule C addendum to your tax return) you can also add your cost of goods, mileage, office space, production equipment depreciation, etc. Be sure to check with your accountant to get the most out of your business use of your home.

To use the spreadsheet, keep in mind that eBay's 1099 is based on the settlement date of the buyer's payment. So sales at the end of December, but paid in January 2023, will appear on the next year. And likewise, looking backward, the 1099 might be pulling in sales from the end of 2021, if paid in 2022.

Additionally, the 1099 will not include any Sales Tax eBay collected, as it was never paid to you (it was eBay's obligation); nor will it address any refunds or discounts after the sale. Nor does eBay count any sales where the buyer never paid, since the report is based on payments received on your behalf.

[buddpodda0]

GOOD 

[wishwa24stores]

good

[wastingtime101]

@buddpodda0 @wishwa24stores 

As you are located in Sri Lanka, this discussion about US income tax will not impact you.

Please read this thread:

https://community.ebay.com/t5/Buying/Clearing-up-misinformation-about-posting-on-the-Community-board...

And visit the new to selling board if you have any questions:

https://community.ebay.com/t5/New-to-selling-on-eBay/bd-p/Starting_an_eBay_Business

[wishwa24stores]

Thank you for the answers.  

[hammerva]

Given that I live in Virginia I don't think this will apply to me and I still have to wait for the 1099-K.  Even though I wasn't close to $20K, I was definitely over $600.   But I really won't know until January 31st at the latest