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1099K reporting
Last year there was such a stink about the new $600 trigger that the IRS "delayed" the implementation.
Now we are faced with the same problem again. I will be barely over the $600 Gross sale amount and am looking at having to collect more data, get a Tax program file more forms.
After deductions allowed for shipping and Fees and original cost of item, if I can find it , the net "profit" might be $200 and added tax the IRS could get might be $50. Never mind the extra work and worry I have trying to deal with this mess and added cost to buy a Tax program.
I already wrote my Representative and both Senators asking them to either fix this or better yet rescind the entire Section of the so-called tax reduction act that changed the 1099K trigger from $20,000 to $600. Then the IRS would not need those thousands of new Agents who would be coming after us.
Has anyone heard that the Congress will take action on this? Last year I do not think that happened because the IRS issued the Delay which was actually unlawful.
Thank you, Worried
kensgiftshop
·2 years agoWhat are you worried about?
Whether you make $600 or not, you're still supposed to be reporting your income, that hasn't changed.
Why would you need to buy a tax program, there are sites where you can do them for free.
wooden_flower
Mentor2 years agoYou can be sure that eBay will circulate any changes implemented by either congress or the IRS.
So far nothing has changed.