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1099-k
Anyone get a 1099-K they were NOT expecting??
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Anyone get a 1099-K they were NOT expecting??
mega-ma-roo
·3 years agoBased on what we're seeing here, lots of folks. Also based on what we're seeing here, it's almost always because they did not know that their state had a lower reporting threshold.
For example, the threshold in Massachusetts in 2022 was $600. Did you know that?
dempsydog6zyk
OP3 years agoI did not know that, what about federal?
thanks
mega-ma-roo
·3 years agoThe IRS delayed the implementation of the $600 threshold until 2023, so the federal limit is still $20,000 and 200 sales. That doesn't matter if the seller lives in a state with a lower threshold because eBay will report to both state and federal tax authorities when the lower threshold is met. If you get a 1099-K, the IRS has received the same 1099-K. They're going to want an explanation.
dempsydog6zyk
OP3 years agoThank you very much.