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did the 1099 go out yet?
did the 1099 go out yet?
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Discussions in this board are limited to the original poster and Community Mentors
did the 1099 go out yet?
comics-scifi-collectibles
Mentor2 years ago@bbwow Yes.
For this year a 1099k is issued if your gross is 20k AND you sold at least 200 items. Some states have lower 1099k requirements.
If you qualify for a 1099K eBay will issue one by Jan 31st. 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, fees, mileage to the post office and any supplies that I have the receipts for. You can file a schedule C and it will say what you can deduct. Don't deduct home office without talking to an accountant.
eBay's 1099K announcement: https://community.ebay.com/t5/Announcements/IRS-announces-another-delay-of-the-600-reporting-threshold-for/ba-p/34153125