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?  

[nh_sales_lv]

I have every right to come here and say what i want, it's people like you that got us into this mess to begin with. People that think they can cancel others thoughts, feelings and expressions. People that need duct tape to cover their mouths, People that Misinform. I'm 51 years old and have never left this Country other than going to Vancouver for the Olympics in 1984. I've seen all the **bleep** changes they made. I seen them Destroy Businesses. I've seen them put up signs in store windows for free food and benefits, cash rewards, raffles, lotteries. I've seen the Destruction of America, so i have every Right to state what i want because this is a Free Country and you Pinheads can't stop me.

[kh-jean]

Hi everyone,

This discussion has gotten a bit off topic. Please bring the discussion back to subject established in the original post.

Thank you.

[mam98031]

@califdreamin2004 

https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-10...

https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses

https://www.irs.gov/businesses/gig-economy-tax-center

https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html

https://www.irs.gov/pub/taxpros/fs-2022-41.pdf

[gurlcat]

I can't tell if you're doing an impersonation.  If so, it's quite exaggerated, cartoon-like in fact.  But keep at it; comedy is as much a skill as a talent.

[dnasilver]

What happens if the pipeline bursts? What happens if the military is knocking at your door? What happens if the Constitution is burned? The more years alive, the more you travel across the world, and the more one opens their own eyes, they will realize they are not "all knowing".

[luckythewinner]

---

@califdreamin2004 wrote:

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.  

---

eBay reports the amount they are required to report by law. 

It is described in detail in their help page about 1099-Ks. 

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

[gurlcat]

---

@nh_sales_lv wrote:

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.

---

What's 'DQ'?

[mam98031]

It is important to remember that the 1099K does NOT report your income.  It reports the total amount that came into your MP account BEFORE ANY deductions for fees, shipping or refunds to your buyers.  So you need to account for that to arrive at an adjusted amount.

https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-10...

https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses

https://www.irs.gov/businesses/gig-economy-tax-center

https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html

https://www.irs.gov/pub/taxpros/fs-2022-41.pdf

[jbbowers12012]

Hi,  We here in New Jersey have been reporting our eBay income - no matter how much it totals.  Quite sure  that is technically an IRS requirement.  We have not recieved our 1099 from eBay as of yet.  (J.B. From N.J.)

[tarotfindsandmore]

"..... it is just a matter of time before the IRS audits you."

And with posts like the ones our friend has been sharing, that time may well come sooner than later.  

[mam98031]

---

@jbbowers12012 wrote:

Hi,  We here in New Jersey have been reporting our eBay income - no matter how much it totals.  Quite sure  that is technically an IRS requirement.  We have not recieved our 1099 from eBay as of yet.  (J.B. From N.J.)

---

They have 11 more days to release them.  The requirement is by 1/31.

[pclementk]

As an FYI, I discovered the eBay cost of selling to be about 36% of the gross income stated in 1099-K form. So when I start my taxes, that dollar amount cost of doing business can be duducted.

[sunshinequest]

I received a 1099 with almost 13k that I never receive from Ebay.  1. Monies were being held by eBay for AN ITEM authentication, and it did not. Money was returned by eBay to buyer.  2. a table that broke and the buyer withdrew the purchase.  I never saw any money only charges for the eBay services.  However, it shows as income on the 1099.  I called on 2nd person in the tax department??  I asked to speak to a supervisor and was told you deal with it and your accountant.  Why should I have to pay an accountant for money I never got? You cannot 1099 someone with money that was never paid. Please explain why I have to show IRS I did not get this money and why could I not speak to a supervisor. Help!

[buyselljack2016]

I don't know about you sunshine, but I don't need to talk to an eBay supervisor, or an accountant to take deductions for refunds. There is a line right on the tax form for that. 

[sixballcycles]

And you still think that he is going to do anything for you. I will be saying I told you so until I die.