1099-k

[twolf541]

Do I get a 1099-k if selling over $600 or only if I sell up to $20,000?

[rock.star]

It depends on which state you are in.

[comics-scifi-collectibles · Accepted solution]

@twolf541   

As @rock.star  said>> 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...