Has anyone received a 1099K yet for 2022 sales?

[jennysthriftypicks]

Has anyone received a 1099K yet for 2022 sales?  I only sold around $1500 last year, but reading online, it shows that I should receive a 1099K for anything over $600.  Am I correct in this or have I misread the article.  Any help is appreciated.

[wooden_flower · Accepted solution]

@jennysthriftypicks 

The IRS delayed the $600 threshold until 2023.  You won’t get a 1099k for 2022 unless you sold $20,000 plus 200 items, unless your state has a lower threshold. 

[jennysthriftypicks]

Thank you so much. I read multiple articles, but never saw that one. Now I have time to get myself in order.  I was buying and selling, not big money, but was not keeping track for irs purposes. Now I’m overwhelmed with figuring out the easiest inventory spreadsheet for my hobby. 

[wooden_flower]

Keep in mind - not getting a 1099 does not change the fact that any profit you make is taxable and should be reported.

If you are buying items to sell, you should use schedule C.  You do not have to keep track of inventory - you can choose to make all of your purchases your cost in the year when you bought them.  The downside is that in years where you sell more than buy, you will have a bigger profit to report.

You should consider paying a tax professional for at least the first year, so you can see how it is done.