1099 form

[baxterstuff526]

I received an email saying that the 599.00 limit was put on hold and in 2024 the limit may be $5000.00.

is this true?

[kensgiftshop]

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@hiiragi_tsukasa wrote:

How is selling a used item cheating on your taxes?   Assuming you are a small seller clearing out your garage, naturally - if you have an ebay business making significant money per year, or selling brand new/unused stuff and making good money then yeah I'd agree with you 😅

The thing is $600 limit is way too low, that creates so much extra workload for the IRS as is so you really want to wait longer...and longer for your returns?   $2000 sounds abit more realistic as the minimum imho

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Whats the difference $1, $600 or $2000, you're still supposed to be reporting your income.

Some people think just because they didn't make $20,000 and didn't receive a 1099K, they don't have to report their income.

Issuing a 1099K for any income would make it fair for those of us that already report our income, even without a 1099K.

[mam98031]

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@hiiragi_tsukasa wrote:

How is selling a used item cheating on your taxes?   Assuming you are a small seller clearing out your garage, naturally - if you have an ebay business making significant money per year, or selling brand new/unused stuff and making good money then yeah I'd agree with you 😅

The thing is $600 limit is way too low, that creates so much extra workload for the IRS as is so you really want to wait longer...and longer for your returns?   $2000 sounds abit more realistic as the minimum imho

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I think you misunderstand what the 1099K is.  It is merely a form and nothing more than a form.  It does NOT set what is our responsibility for reporting our income to the IRS.  It is merely a FORM.

Some seem to think it sets the threshold for reporting income and it absolutely does NOT.  IRS doesn't have a minimum.  So even though this year it is $20,000 and 200 transactions, you still have to or are suppose to report your income of a lesser amount.

A further misunderstanding is how it will impact taxes owed.  Someone just making a few hundred $$$ will likely see no impact at all for the taxes they owe, but they still have to report ALL income.

@hiiragi_tsukasa 

[sophies_corner]

Has anyone received their 1099k yet?

[dbfolks166mt]

Has anyone received their 1099k yet?

     Not yet but I have only received about 1/2 of my tax forms. The deadline is not till 31 January but with some of the postal issues, if you are getting paper forms, I am wondering how the IRS is going to address that. There are penalties for not meeting the deadline but this could come down to a battle between the issuing entity, the IRS and USPS and there is generally no tracking on sent forms. 

[mam98031]

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@sophies_corner wrote:

Has anyone received their 1099k yet?

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IRS doesn't require it to be released until the end of the month.  Remember t check your tax reports in the Seller Hub.

[boelusqueen]

is there an actual 1099k form to download.  and where is it.  

[monica-sells]

If you have one issued, it will be here....

https://www.ebay.com/sh/fin/taxforms

[kh-vince]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.

Thank you for understanding.