Received 1099-K today 2/14/2022

[2011fordguy]

I received a 1099-k I wasn’t expecting today. I’ve already filed my taxes, so amounts aren’t reconciled as I’m a very casual hobby seller, I sold some holiday items the last couple months of 2021. These were personal collection items I’ve had, I don’t buy/resell, just trying to rehome things to downsize before I move/retire soon. Very obviously doesn’t meet the dollar or item # threshold. AND received so late. It has a number to call for questions, but I tried to call 5x it doesn’t allow you to access a person. Anyone ???

[wooden_flower]

MO requires a 1099k for payments of $1,200 or more.

You should file a revised tax return.  If you don't, you'll get a bill from the IRS considering the entire amount taxable, plus penalties.

Hobby sellers sell items results from their hobby, like woodworking.  Expenses are not deductible on that type of selling, so be careful what you call your selling.

[2011fordguy]

Thank you for the info. I had finally found the answer about MO. I guess I’m not a hobby seller if it refers to making things. I’m mainly selling items that Ive owned personally for a long time, some vintage clothing and Christmas items I’ve collected, and used myself.  I do have some receipts for those in my file cabinet but haven’t kept everything as I wasn’t expecting to need it. Generally I would say almost everything I’ve sold , with a few exceptions wouldn’t be considered profit.  (More of a loss or trying to get my money back) I don’t have enough to itemize as I’m barely over the threshold for MO. Is there a way to report the profit on those few items without itemizing ? Everything I’ve read says you only pay tax on the amount of profit. 

[2011fordguy]

To be clear, I have paid taxes on eBay years ago, by itemizing as a business /albeit a very small one. I just haven’t been selling and no longer do so, the few things recently are personal so I’m just unsure how to do this without itemizing. Thank you. 

[mega-ma-roo]

---

@2011fordguy wrote:

To be clear, I have paid taxes on eBay years ago, by itemizing as a business /albeit a very small one. I just haven’t been selling and no longer do so, the few things recently are personal so I’m just unsure how to do this without itemizing. Thank you. 

---

You don't need to itemize deductions to use Schedule C to compute your business profit/loss.

[rfmtm]

Currently the IRS is allowing a simplified way to do this when just selling personal or garage sale items not for profit or as a business or hobby. You report the total amount as Misc/Other Income. You then can post an Adjustment up to that total amount to offset that income. This results in a wash (zero profit), you will owe no taxes, and the IRS will be happy.

Any accountant or tax software can guide you through this.