1099-K Questions

[califdreamin2004]

Which total amount does the IRS use as the required amount to report?  Is it the earnings after deducting expenses & refunds from the gross amount or is it the actual gross amount.  Has anybody received their 1099K from Ebay yet?  

[inhawaii]

You report what you were paid.

You report your deductions.

You report your profit (the balance).

[kensgiftshop]

No, the gross mount is reported.

You deduct fee's and everything else when you file your taxes.

[nh_sales_lv]

Glad i'm in Fly Over Country is all i got to say even though i could say a lot more.

[nh_sales_lv]

Income from personal goods cannot be taxed as Income. You are not a Business Entity as neither am I in my eyes. Sorry you were born Post 1999

[monroe67]

"Income from personal goods cannot be taxed as Income. You are not a Business Entity as neither am I in my eyes. Sorry you were born Post 1999"

Oh, my goodness.  You have a lot to learn.

[tarotfindsandmore]

Not sure where you heard that but according to the IRS:

"Personal items sold at a gain

If you made a profit or gain on the sale of a personal item, your profit is taxable. The profit is the difference between the amount you received for selling the item and the amount you originally paid for the item."

Here's a link to the page...

https://www.irs.gov/businesses/what-to-do-with-form-1099-k#:~:text=If%20you%20made%20a%20profit,orig....

[nh_sales_lv]

All that stuff is DQ. All of it written by an Illegitimate Potus Decree by Illegitimate Hires. It's  off the books in 2 days.

[nobody*s_perfect]

The 1099-K that you get from eBay will include the total that they processed for all of your buyers' payments for the item price and for shipping and handling.  Sales tax is not included in your 1099-K total.  Then when you report your income, you can deduct expenses such as eBay fees, refunds, postage purchases, and the original cost of the item.  Here's the eBay Hep page about your 1099-K:

https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794

You should read the IRS form Schedule C and its instructions to better understand how the IRS looks at this.  A few of the regular posters have collections of helpful links and will probably be here soon to share them, or you can look up any of the past 10,000 threads about the 1099-K.

[tarotfindsandmore]

I've always done my taxes the way kensgiftshop  does.  That said, be very careful about taking the advice of any of us, or even giving it consideration for that matter.  There are definitely some incorrect ideas here that may get you into trouble. 

You'll get a 1099-K.  If you use an e-filing service, the information on the form will probably automatically populate in your return once it's imported.  Once it does, go through your tax forms and start taking your deductions.  Ask a tax professional (not us) for specifics relative to your situation.  You'll probably have more deductions than you realize but, again, be very skeptical of any information you receive here (including any that I may attempt to provide).

[nh_sales_lv]

We'll just have to wait the 2 days and see then. You can stammer all you like but have no idea what's coming down the pipeline.

[tarotfindsandmore · Accepted solution]

The tax laws on personal gains and income from the sale of personal goods haven't changed in the four decades I've been paying taxes.  The only thing that has changed are the thresholds.  Openly advising others to commit tax fraud in a public forum is unwise, at best.  

If you think you're going to be tax-free after the inauguration, you're in for a very rude awakening.  

[nh_sales_lv]

Tax Laws are Going to be changed, No More 🍦 ice cream for JB and Barry. No more supporting foreigns while taxing us. The Game is Over, my friend.

[fern*wood]

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@nh_sales_lv wrote:

Tax Laws are Going to be changed, 

Yes, they will for sure for billionaires.

[duffy4444]

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@nh_sales_lv wrote:

Tax Laws are Going to be changed, No More 🍦 ice cream for JB and Barry. No more supporting foreigns while taxing us. The Game is Over, my friend.

---

@nh_sales_lv:

    Hey, CHILL OUT, my friend... Your comments in this thread are not doing any good.

    Just like the majority of voters this time around, I'm also personally happy about the positive changes that will start going into effect in a couple days, God willing.

    BUT -- I don't ago around poking people, making broad generalizations just to spout off, gloating, and going off on a tangent in a forum like this, at the same time having nothing to do with the OP's innocent question.

    You're not doing any good for others or for yourself by grandstanding on a soapbox and displaying a lack of decorum. It's embarrassing to everyone, especially us Conservatives who watch our behavior, believe in "live and let live", and believe in using appropriate behavior based in self respect and the respect of others.

Cheers, Duffy