Will Ebay make an Official Announcement on the New 1099-K guidelines ???

[osuprao]

Waiting for  an Official Announcement on the New 1099-K guidelines

[nobody*s_perfect]

Last year, the IRS announced an equivalent delay on Friday, December 23, and eBay's announcement about it appeared on Thursday, December 29.

So now it's another holiday weekend, and probably we shouldn't expect eBay's announcement until some time next week. Meanwhile, there are so many posts about it on this discussion board.

[lux.ra_14]

Is it possible eBay and others will just go ahead and issue the 1099s anyway?  realize there was lobbying against it, but presumably a lot of effort went into preparing for this two years in a row.

Matters not to me, as I already report all income. But it's a question worth considering. 

[dhbookds]

They already issue the 1099's for the states that have lower limits......which is quite a few, as I remember.....

[ckimodog]

@osuprao 

I believe they government already did.  Lots of posts and threads on the topic in the last few days.  Check it out.

Happy Holidays.

[kensgiftshop]

What difference does it make if they do or not?

You still report your income like you're supposed to be doing, whether you get a 1099K or not.

[nobody*s_perfect]

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@lux.ra_14 wrote:

Is it possible eBay and others will just go ahead and issue the 1099s anyway?  .... 

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That's extremely unlikely. They didn't have any problem complying with last year's late-December announcement about delaying the universal $600 threshold.   eBay has been issuing 1099-K's for several years now, completely consistent with the federal guidelines except for states that have lower thresholds.  

[toomuchstuffagain35]

Why would they?

[toomuchstuffagain35]

I don't know why they would, but they COULD if they wanted to.

[lilyswan2]

true...but if you only sold a few things at a loss, you wouldn't have to do extra paperwork when there was no income...

[mam98031]

Given the chance, they likely will.  It is important to remember that IRS didn't announce the change until the day or two BEFORE Thanksgiving.  Like any other company, most of their employees likely took the holiday off and possibly the long weekend too.  

IRS is the important announcement.  They are the ones that set the rules.

[mam98031]

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@lux.ra_14 wrote:

Is it possible eBay and others will just go ahead and issue the 1099s anyway?  realize there was lobbying against it, but presumably a lot of effort went into preparing for this two years in a row.

Matters not to me, as I already report all income. But it's a question worth considering. 

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This is a rumor I've seen a few posters say but no one is offering any reason why Ebay would do that.  

To be clear, Ebay will issue 1099K per what is required of them by the IRS.  There is no reason to do anything else.

[dbfolks166mt]

true...but if you only sold a few things at a loss, you wouldn't have to do extra paperwork when there was no income...

     It may actually benefit you to do the extra paperwork as that loss could help offset any other tax liabilities. There are limits on the number of years you can do this before the IRS categorizes you as a hobby seller but it could be worth the effort.