Regards,
ShipScript has been an eBay Community volunteer since 2003, specializing in HTML, CSS, Scripts, Photos, Active Content, Technical Solutions, and online Seller Tools.
Hi @marty_look
Here is a link to the Announcement board, when it is official eBay will post about it ... in the meantime just plan on reporting your sales then you don't have to worry about it.
https://community.ebay.com/t5/Announcements/bg-p/Announcements
The IRS announcement:
eBay's announcement:
which states "...only sellers who:
1) exceed the previous threshold of $20,000 and 200 transactions,
2) that were subject to backup withholding or,
3) whose states of residence have a lower reporting threshold
will receive a Form 1099-K."
@shipscript You would "think" they would post that on the Announcement board ... I mean it does seem to be important right?
@marty_look wrote:
So I can still sell $19700 or so before Jan. 1st 2023 and not get a 1099K ?
The 1099K is based on when eBay settles the buyer's payment, not on the date the buyer commits to purchase. Unless you set your listings to immediate payment required, I'd say your window is next to nil.
In fact, this is the time of year when sales and payments may occur in different tax years. Thus, your late December sales will probably appear on your 2023 tax report.
eBay's reprieve applies to your 2022 sales, for which eBay would have been required to issue a 1099K report this January. The 2023 selling season is still in play at $600. The 1099K that eBay will be issuing at the end of 2023 may remain at the $600 threshold or may be amended by congress to a different threshold.
@marty_look Here's what I read about Wisconsin ...
Do I have to claim income from selling personal items?
"Whether you sell items only online or not, the IRS and most states see any income you earn from these sales as taxable. Whether or not you will owe taxes for selling personal items, goods, or services online will depend on several factors, including whether you made a profit."
You would be best served to know your State's minimum requirements and seek professional advice from a certified public accountant.
@mr_lincoln wrote:@shipscript You would "think" they would post that on the Announcement board ... I mean it does seem to be important right?
I'm not sure why there is no announcement. As is seen here, there is really nothing sellers can do because the year is over and the new year will simply revert to the same stresses these sellers already had. So no need to make this announcement this late in this year and stir up confusion.
Instead, perhaps eBay will address the lack of 1099s this January, while instructing sellers that 2023 still has the $600 threshold in place.
