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is the tax form $600 or $5k thanks
was just wonder what if the tax is $600 or 5k for them to send you a
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Discussions in this board are limited to the original poster and Community Mentors
was just wonder what if the tax is $600 or 5k for them to send you a
comics-scifi-collectibles
Mentor2 years ago@rutcree-0
For tax year 2023 a 1099k is issued if your gross is 20k AND you sold at least 200 items. Some states have lower 1099k requirements. For tax year 2024 a 1099k will be issued if your gross if 5K or over.
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, and fees.
eBay's 1099K announcement: https://community.ebay.com/t5/Announcements/IRS-announces-another-delay-of-the-600-reporting-thresho...