1099-K Not in my name. How do I fix?

[sytk-0]

18 years old, and started selling stuff on eBay in 2021. Received a 1099-K in the mail under my fathers name, because the eBay account was under my fathers name. I want the 1099-K to be in my name rightfully for tax purposes. I already switched the eBay to my name, how do I get a new 1099-K in my name?

I sold coins & currency on eBay. no real book keeping, kept no receipts. the 1099-K is for around $16000. What can I expect to pay in taxes?

[dhbookds]

Was the account under your father's soc sec # or yours.......I'm guessing your father's?   That's what is going to have to be changed/reissued......  Problem may occur since you are/were under 18 when the sales were made......so you had to be registered under your father and he had to give his soc security # I'm assuming.........

Standard deduction is 12,550 for 21, so if you had no other income and if you can apply  deductions down to get below that.....you may be ok as far as taxes are concerned or owe little.......  That advice is worth what you paid for it..........need to talk to an accountant AND your father..... 

Frankly, I don't know how you get the ss # changed.......call Ebay, I guess..........

[dpg_coins]

OP... I have a little bit different situation, but I'd like to change the name on my 1099-K as well. If you figure it out, please post how you got it done. Sorry, I can't be of any help at this time.

[klhmdg]

Not sure it can be changed.  1099 was issued to the account holder and will be sent to the IRS.

It is in your fathers name and the IRS will expect him to have it on his taxes.

Maybe if he has to pay taxes on it, you can pay that part.

Best to talk to a tax accountant for the real legal way to fix this issue.

[kensgiftshop]

@sytk-0 

If it was sold under your dads account and SSN, he'll be responsible for the taxes.

[mr_lincoln]

@sytk-0   Download an IRS Schedule C form and instructions.  You can use deductions (cost of good, mileage driven, packaging materials, shipping costs you paid, etc) to help determine what of the 16K is actually considered taxable income.  If the 1099K is in your father's name it will need to go on his tax return ...

Mr. L

[dhbookds]

While I agree, it's probably going to be hard to get Ebay to change it (who knows?), I think there may be a way for Dad to shift it to you on his taxes........  Certainly people who are consigned to sell do that....shift the earnings after their cut/expenses...back to the person who hired them to sell the stuff....  but you need an accountant to tell you and Dad how to do it.........

[1228sales]

First of all, good luck changing 1099, IRS already has a copy of 1099, better have a bank account in your name also.

Taxes are base on money received, not gross that is on the 1099 form

Next

Gross minus Ebay fees= Payment to most likely your bank

My best guess you paid $2500 in fees so $13,500 is subject to tax

Alot 1099 forms went out with errors, including mine, Gross minus Ebay fees= INCOME, didn't match up, you should check that.

Next you need to reduce $13,500 tax burden

Tax burden- (Total item cost+ Shipping +Supplies) 

You will need receipts of the money you paid for coins , good luck you got the coins gifts like from a grandfrather

Your cost to ship, need receipts

Cost of supplies to ship, if it's low, they won't question that  

I have a tax account, he knows how much to deduct Internet, Cost of Room for office, Mileage to Post office cost also.

Good luck, I share the same problem.

One last thing

We can blame the Democrats, and Biden, he signed the ARPA bill last March for these 1099 forms we will get now. Including if you Sell on Market Place, Selling on Esty and Amazon plus others

We paid $2.25 for gas, it's going to be $4.00 soon, some states it's already $4 

I hope all you Democrat Voters that sell on Ebay and use a car to drive are happy now. 

See Below

What You Need To Know About The Updated 1099-K Threshold?

As you may already know, the IRS is streamlining its reporting and compliance regulations in order to improve the accuracy of reporting and tax transparency. The IRS has recently introduced a couple of changes to the 1099-K reporting.

This change comes after President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11th, 2021. According to Forbes, the bill specifies the minimum threshold has been lowered for Form 1099-K, a form filed by the Payment Settlement Entities (PSEs) to report gross amounts of all reportable payment transactions.

This law will become effective in 2022 and will impact the January 2023 filings.