You do understand that all this uproar is over at what point -- that is, at what dollar amount -- eBay is required to issue a 1099K. That's it. It's just a form. It has nothing to do with your tax liability.
Whether or not your must file a federal or state income tax return and, if you do file, what tax you may owe on the income is unaffected by getting a 1099 form, whether the form is issued at $2 or at $2K or at $20K or at $200K.
There are various 1099s -- 1099K, 1099-MSC, 1099-B, 1099-INT, 1099-NEC, etc. -- and getting any one of them, at any dollar level, for any reason, does not affect your tax liability.
Looks like you are pushing $20k in just the past 3 months of sales; did you just start selling about 90 days ago? (otherwise looks like you'll get one anyway)
All the 1099 is a form sent if you go over X amount, it has NOTHING to do with what taxes you owe even if the amount of money that passes to you is far less.
Looks like you are pushing $20k in just the past 3 months of sales; did you just start selling about 90 days ago? (otherwise looks like you'll get one anyway)
Thanks for the Link. But this looks like a temporary reprieve. Unless something radically changes, with which the IRS is more than unlikely, this will be re-visited and enforced starting next year. No way Uncle Sticky Fingers is going to walk away from digging their grubby paws ever deeper into the Middle Class's pockets.
Now if you're making 7 figures or more a year, living in your own little Ivory Tower, able to buy yourself a decent Tax Attorney, that's a different story..
I'm started to get an inkling that the scofflaws won't pay up until they're caught by the IRS or compelled by a 1099.
Of course they will not. And they will continue to have an unfair advantage over sellers who play it straight, too.
My take on the whole thing is that when the government moves to do something about a huge underground economy of tax dodgers, sellers of stolen merchandise, money launderers, drug dealers, human traffickers, foreign nationals working unlawfully, terrorist cells, and general scofflaws, that's okay by me and to my overall benefit.
Thanks for the Link. But this looks like a temporary reprieve. Unless something radically changes, with which the IRS is more than unlikely, this will be re-visited and enforced starting next year. No way Uncle Sticky Fingers is going to walk away from digging their grubby paws ever deeper into the Middle Class's pockets.
Now if you're making 7 figures or more a year, living in your own little Ivory Tower, able to buy yourself a decent Tax Attorney, that's a different story..
So... your ok with tax evasion as long as you make less than $1,000,000 a year?
ShipScript has been an eBay Community volunteer since 2003, specializing in HTML, CSS, Scripts, Photos, Active Content, Technical Solutions, and online Seller Tools.
ShipScript has been an eBay Community volunteer since 2003, specializing in HTML, CSS, Scripts, Photos, Active Content, Technical Solutions, and online Seller Tools.
