Issued 1099K with >200 transactions, but Not >$20K... Do I file form with IRS for 2022? Schedule C?
So eBay issued 1099K BUT congress is waiting until 2023... do I have to file the 1099K even though I do NOT meet the current (end of 2022) >$20K AND >200 transactions?
I do have 297 transactions but WAY below $20K...
Thanks!
3 comments
nobody*s_perfect
·3 years agoMany states have set thresholds which are significantly lower than the federal threshold. Your listings indicate that you're in Arkansas, which has set a threshold of $2500. So eBay is required by the state of Arkansas to send you a 1099-K if they processed more than $2500 for you. They will also send the 10999-K to the IRS.
You would be required to report your income even if you didn't get a 1099-K from eBay. This misperception is the main reason for lowering the threshold -- to catch people who aren't reporting their eBay income. Congress has already changed the threshold to $600, but the IRS announced in December that they would not enforce it this year.
https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k
stuff4divas
·3 years ago@dotyprints regardless of a 1099K or any other tax form, income is reportable to the IRS and your State, minus write-offs. If not reported, it is tax evasion.
mandisattictoyz
·3 years agoYes, you must report all income to the irs no matter what