No 1099 for 2023?
I just started selling again last year (2023) in order to clear out some things before a divorce, so I’m not an experienced seller.
Anyway, my sales totaled $10,489 but I never received a 1099 form. I went to try and generate one and it tells me that “you don’t have a Form 1099-K for this tax year.†I thought anything in excess of $600 had to be reported?
I’m so confused as I don’t have my husband helping me out anymore on the taxes. Is this some kind of oversight?
I’m in NY, if that matters at all.
Thanks in advance for any help or advice any of you could provide.
6 comments
kalyoth
·2 years agoFederal remains unchanged. However, New York will be a different story....
tbud75
OP2 years agoThank you both for the help.
Also, my father said I will need to provide receipts for the purchases of the items I sold, but they were purchased 20 years ago. Do you think my CPA will use fair market value? I had no idea I’d be selling them when I purchased them two decades ago.
monica-sells
·2 years agoThe CPA will probably not 'lookup' fair market values for you....
You would probably need to provide those figures based on reliable research and supporting examples.
In fact, some items you may not have to worry about it...there are some guidelines available at the IRS online....I don't have that link handy, but some quick research will educate you enough.....
Note: When I say 'don't worry about it', you still need to claim it, but there are different ways to offset it. There are a multitude of strategies, and each taxpayer needs to tailor their strategy to their individual positions.
tbud75
OP2 years agoI actually know what the prices of almost all of the items are since most were graphic novels and collectibles, but how do you prove that the graphic novels were $10 a piece? Just show what Amazon and Barnes and Noble listed them as?
My ex tells me to just download Turbo Tax but I’ve never done this before.
nobody*s_perfect
·2 years agoYou didn't get a 1099-K because you didn't meet the threshold. In November 2023, the IRS issued a memo explaining that the threshold for 2023 would still be $20K. They expect that the threshold for 2024 will be $5000, but that's not certain.
https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation
heckofagame
·2 years agoThey never approved a change. It's still $20,000, however, there are states with a much lower limit. You are still obligated to report your income on your taxes, even though you may not receive a 1099-k.