12-29-2022 12:21 AM
12-29-2022 07:23 AM
Yes. This was announced last Thursday or Friday, and there have been more than a dozen threads about it already. I stopped tracking them at ten:
I FEEL THIS 1099K DELAY IS A GOOD THING the entire plan is just a bad idea.
1099 k So we missed a whole year of sales? I stopped selling do to this. So I missed out on sales.
1099-K Delayed? Oh, I sure hope so!
eBay needs to assure sellers NOW and make an announcement! No 1099-K forms will be issued for 2022!
New 1099-K threshold postponed a year by IRS
IRS delays new tax-reporting rule on Venmo, PayPal payments over $600
12-29-2022 07:29 AM
It is a wonderful thing that the tax evaders will be allowed to evade for another year, while the honest sellers foot the tax bill. Not.
12-29-2022 08:48 AM
Is this official or speculative?
12-29-2022 09:00 AM
If you look at some of the 10 linked threads above, you will find the links to the official announcements from IRS and eBay regarding the delayed implementation.
12-29-2022 09:27 AM
Regardless of the temporary reprieve, you should alwys report the profits, sales tax collected, & any other deductions.
Good luck!
12-29-2022 09:43 AM - edited 12-29-2022 09:46 AM
@714ricki wrote:Regardless of the temporary reprieve, you should alwys report the profits, sales tax collected, & any other deductions.
Good luck!
Since sellers do not receive the sales tax themselves (eBay does), there is no reporting required on federal income tax forms--especially as any kind of deduction.
01-11-2023 07:33 AM
Stop calling garage sale sellers tax cheats. If I sell a bicycle I bought for $2,000 three years later to my neighbor for $1,000, and don't report that exchange, does that make me a tax evader?
01-31-2023 04:40 PM - edited 01-31-2023 04:42 PM
If you try to download the 1099k form if your sales amount are over $600, it's not available for 2022 tax year which means it is officially delayed.
So cheerful.
Thanks for the community members.