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1099K Threshhold
Is a 1099K generated for the total amounts of the sales, or just the payouts from the sales? I’m confused….
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Discussions in this board are limited to the original poster and Community Mentors
Is a 1099K generated for the total amounts of the sales, or just the payouts from the sales? I’m confused….
comics-scifi-collectibles
Mentor1 year ago@theag-859 A 1099k is just a form with your GROSS sales.
For tax year 2024 a 1099k will be issued if your gross if 5K or over. Some states have lower 1099k requirements. You are still required to pay taxes on your PROFITS even if you do not receive a 1099k.
If you qualify for a 1099K eBay will issue one by Jan 31st 2025. You can access it from Seller Hub>
https://www.ebay.com/sh/fin/taxforms
I like the financial summary report to help with figuring out my profits that I have to pay taxes on. You still pay taxes on the PROFITS even if you don't receive a 1099K
https://www.ebay.com/sh/fin/reportslanding Financial overview Download it as a PDF.
You will report the gross and then subtract expenses. I subtract the cost of the item, shipping, returns, and fees.
eBay's 1099K announcement: https://community.ebay.com/t5/Announcements/IRS-announces-another-delay-of-the-600-reporting-thresho...