eBay

umoraski · ‎02-03-2023

After reading about the IRS turning back the new threshold from $600 to $20,000 for 2022, I was a little relieved, however it also states if you have sold more than 200 items. I sold 210 items. I'm showing around $5,000 before any deductions. Not a lot. Do I still have to File?

stainlessenginecovers · ‎02-03-2023

You are supposed to claim ANY amount earned above $600, whether you get a 1099 or not.

But, the deal is $20k AND 200 transactions. If you have $20k for selling 1 thing- there will be no 1099; unless you live in a state that has lower requirements (Arkansas, California, Missouri for some.)

nobody*s_perfect · ‎02-03-2023

You are supposed to report your income whether or not you get a 1099-K.

The federal threshold is $20K AND 200 transactions. If you sell $21K and have 199 transactions you don't get a 1099-K.

Exceptions include about 10 states that have set lower thresholds. Your listings indicate that you are in New Jersey, which has a threshold of $1,000, so you should get a 1099-K.

States with 1099-K filing thresholds for 2022 that differ from the IRS:.
https://blog.taxact.com/understand-1099-k-form/
Arkansas – $2,500 threshold
District of Columbia – $600 threshold
Illinois – $600 threshold (or $1000 and 4 transactions, stated on another site)
Maryland – $600 threshold
Massachusetts – $600 threshold
Mississippi – $600
New Jersey – $1,000 threshold
Rhode Island – $100 threshold
Vermont – $600 threshold
Virginia – $600 threshold

tealt · ‎02-03-2023

@stainlessenginecovers wrote:
You are supposed to claim ANY amount earned above $600, whether you get a 1099 or not.

But, the deal is $20k AND 200 transactions. If you have $20k for selling 1 thing- there will be no 1099; unless you live in a state that has lower requirements (Arkansas, California, Missouri for some.)

California is synced with the IRS, so no lower requirement--unless you are an app based driver.