1099

[msbicjev]

In the future please don't send me a 1099, for the year, unless I sell the $20,000.  the IRS wants to know about. The IRS does not require 1099 for less than that.  Thank you.

[bobwhitesoftheglen]

You are not speaking to Ebay here.  Also, many states have a lower threshold then the IRS which Ebay has to abide by.

[heckofagame]

Illinois requires a 1099-k for $1000. 

[chariot_badges]

Noted.

You will NEVER receive another 1099 from me again.

Ever.

[tobaccocardyahoo]

When you move from Illinois to a state which has a higher threshold, you will not get a 1099 unless you reach the IRS threshold. Pritzker likes spending your money.

[kensgiftshop]

Sorry, but if your state requires it, they have to send you one.

The IRS might not, but your state does.

[mtgraves7984]

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@msbicjev wrote:

In the future please don't send me a 1099, for the year, unless I sell the $20,000.  the IRS wants to know about. The IRS does not require 1099 for less than that.  Thank you.

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@msbicjev 

A lofty request, but it'll never fly. Illinois' level is considerably lower (four or more separate transactions that exceed $1,000).

[fern*wood]

You should check with a tax professional, since you have some serious misunderstandings about 1099ks and tax reporting.

[b86fiero]

You do know that the IRS wants to know about every penny you earn and requires you to claim all income from online selling regardless of the dollar amount and regardless of whether eBay sends you a 1099, right?

It's the law. You are required to claim all income. You can then deduct expenses from the gross amount then pay taxes on the profit.

Don't forget any State or County or City taxes levied on income. 

As others have noted, some states have a lower dollar threshold for 1099's. Some as low as $600.

Be safe, pay your taxes. 

[jerseyboymusic]

@msbicjev 

You know you still have to report your Ebay income on taxes, 1099 or not... tight?

[soh.maryl]

These Boards are comprised of experienced eBay buyers and sellers who volunteer their time here to answer  questions and help others when we can.

As such, none of us are responsible for whether or not anyone receives a 1099 form here.  

[luckythewinner]

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@msbicjev wrote:

In the future please don't send me a 1099, for the year, unless I sell the $20,000.  the IRS wants to know about. The IRS does not require 1099 for less than that.  Thank you.

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Your State and Federal governments decide whether you get a 1099-K, not the IRS. You appear to be from Illinois, and the Illinois Department of Revenue has these rules:

For the 2020, 2021, 2022, and 2023 reporting periods, you are required to submit Forms 1099-K issued to a payee with an Illinois address electronically if:

• you are required by the IRS to electronically file Forms 1099-K; or
• the payee has four or more separate transactions, and the cumulative total exceeds $1,000

https://tax.illinois.gov/programs/electronicservices/1099w2.html

So if you had 4 or more transactions totaling more than $1000, then your state has decided that eBay will send you a 1099-K.

[redlinear]

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@chariot_badges wrote:

Noted.

You will NEVER receive another 1099 from me again.

Ever.

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I'll expect an 1100 next year

[dbfolks166mt]

When you move from Illinois to a state which has a higher threshold, you will not get a 1099 unless you reach the IRS threshold. Pritzker likes spending your money.

     Interestingly enough that may depend on how much the third party financial processor processed through your account before you moved from Illinois to another state. Given the ineptitude of Congress at the moment who knows what the Fed will do for 2024 if they manage to do anything but I suspect more states will pass their own 1099-K issuance thresholds before the end of 2024 and potentially make them retroactive back to 1 January. 

[aprilmoviebuf2000]

Much better to receive a 1099 from eBay than to receive a notice from the IRS if you fail to report your online income...and by that I mean every dollar.  Pick your poison.