$600 1099K

[stuff4divas]

Read this eBay link for the 1099K $600 that so many keep posting about>

https://community.ebay.com/t5/Announcements/New-1099-K-tax-reporting-requirements/ba-p/32556521

[wrong66]

Your question?

[stuff4divas]

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@wrong66 wrote:

Your question?

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Have u read this link?

https://community.ebay.com/t5/Announcements/New-1099-K-tax-reporting-requirements/ba-p/32556521

Maybe it'll stop all the accusations and 'confusion' posted by so many

[chapeau-noir]

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@stuff4divas wrote:

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@wrong66 wrote:

Your question?

---

Have u read this link?

https://community.ebay.com/t5/Announcements/New-1099-K-tax-reporting-requirements/ba-p/32556521

Maybe it'll stop all the accusations and 'confusion' posted by so many

---

One may hope, but the simple issue of accountability for making a profit selling items on a professional corporate-owned platform seems for some to be ending in tears.

[bbravo65]

@stuff4divas 

...thank you...

...I have been paying too much tax, so this eBay's matter is just a feather...

...the annoying thing in preparing paperwork for reporting income tax every beginning of year could never be ended until...dead...

...only in the USA...and yet, I love our country, "one nation under God"...

[downunder-61]

@stuff4divas 

Thanks for the link, I have stolen borrowed it LOL

[stuff4divas]

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@wrong66 wrote:

Your question?

---

Pretty obvious this didn't need to be put in the form of a question, but I posted it anyway for you to understand.

Also didn't realize only questions were allowed here, especially considering the community button is

"start a conversation"  

NOT

 "ask a question"

🤣

[wildpitchsports]

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@stuff4divas wrote:

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@wrong66 wrote:

Your question?

---

Pretty obvious this didn't need to be put in the form of a question, but I posted it anyway for you to understand.

Also didn't realize only questions were allowed here, especially considering the community button is

"start a conversation"  

NOT

 "ask a question"

🤣

---

lol that or "if you see something you don't like it - don't click on it or comment!"

That's too easy.

[zoda99]

So if our sales are under $599 then we won't owe any taxes at the end of the year?

[luckythewinner]

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@stuff4divas wrote:

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@wrong66 wrote:

Your question?

---

Pretty obvious this didn't need to be put in the form of a question, but I posted it anyway for you to understand.

Also didn't realize only questions were allowed here, especially considering the community button is "start a conversation"  NOT  "ask a question"

 Thanks for starting the conversation. I appreciate that eBay has clarified when and how they are going to collect the SSNs / TINs from the sellers who have not yet provided them, and explained the consequences for not doing so.

Now I just wish the IRS would issue guidance for a very simple question:

"If my friend sends me $1,000 through PayPal to reimburse me for airline tickets and I get a 1099-K, how do I correctly reflect that on my tax return so that the IRS does not flag me for under-reporting my income?"

[wildpitchsports]

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@zoda99 wrote:

So if our sales are under $599 then we won't owe any taxes at the end of the year?

---

I'll say it before the mob gets to you.

(you are always supposed to report income.)

Now to answer your question - the sales number including any shipping handling and sales tax paid by the buyer will trigger a 1099-K if it is over $600 for sales starting 1/1/22

[wildpitchsports]

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@luckythewinner wrote:

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@stuff4divas wrote:

---

@wrong66 wrote:

Your question?

---

Pretty obvious this didn't need to be put in the form of a question, but I posted it anyway for you to understand.

Also didn't realize only questions were allowed here, especially considering the community button is "start a conversation"  NOT  "ask a question"

 Thanks for starting the conversation. I appreciate that eBay has clarified when and how they are going to collect the SSNs / TINs from the sellers who have not yet provided them, and explained the consequences for not doing so.

Now I just wish the IRS would issue guidance for a very simple question:

"If my friend sends me $1,000 through PayPal to reimburse me for airline tickets and I get a 1099-K, how do I correctly reflect that on my tax return so that the IRS does not flag me for under-reporting my income?"

---

If you use the send money to friends & family PayPal option it's not supposed to trigger a 1099-k. But I am sure there is a shadow limit on that before someone starts asking questions.

[stuff4divas]

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@wildpitchsports wrote:

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@zoda99 wrote:

So if our sales are under $599 then we won't owe any taxes at the end of the year?

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I'll say it before the mob gets to you.

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HA HA HA !!!

[7606dennis]

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@zoda99 wrote:

So if our sales are under $599 then we won't owe any taxes at the end of the year?

---

Not necessarily.  It would depend upon your individual circumstances and how that $599 affects them when added to your other income.  If that $599 is your total annual taxable income, you probably wouldn't owe any taxes on it.  Of course, you would probably have starved to death by now if that was the case.  

[stephenmorgan]

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@7606dennis wrote:

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@zoda99 wrote:

So if our sales are under $599 then we won't owe any taxes at the end of the year?

---

Not necessarily.  It would depend upon your individual circumstances and how that $599 affects them when added to your other income.  If that $599 is your total annual taxable income, you probably wouldn't owe any taxes on it.  Of course, you would probably have starved to death by now if that was the case.  

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That is funny.  There is about 2 million people in jail most of who would make less than $599.

On the Federal level for 2022 a person needs to earn $12,950 before taxes even start.