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Question about EBAY 1099 for 2023.
Does anyone know if there will be an 1099 issued by EBAY for a seller that has over $20,000 in gross sales but has less than 200 transactions (sales), say 140 for example.
Do EBAY purchases I make get included in the total transaction count (towards the 200), or is it just the number of sales?
Please let me know.
4 comments
comics-scifi-collectibles
Mentor2 years ago@crystalblue23. eBay will send a 1099k when required by law. Some states have lower thresholds than 20k 200 items.
Only sales count not purchases because you pay taxes on income.
Even if you don't get a 1099k you are legally obligated to report income and pay taxes on the PROFITS.
Here's eBay's announcement >>
https://community.ebay.com/t5/Announcements/IRS-announces-another-delay-of-the-600-reporting-threshold-for/ba-p/34153125
crystalblue23
OP2 years agoSo to follow up..... As you understand it, and I know you are not a CPA so I'm not asking for tax or financial advice, but do you get a 1099 if you sell over $20,000 but have less than 200 sales for 2023? Likewise, if you have over 200 sales but sell less than $20,000, will EBAY issue a 1099? I realize the numbers have moved around this year and also there will be a new threshold in for 2024.
comics-scifi-collectibles
Mentor2 years ago@crystalblue23. As I said a 1099k is issued when you sell 20k AND 200 items.
However some states have lower limits that require eBay to issue a 1099k. I don't know what state you're in or what your states law is. eBay will remit a 1099k only when required by law.
Please refer to the link I shared in my first reply.
crystalblue23
OP2 years agoThank you. I appreciate your responses.