mam98031 • Volunteer Community Member • Buyer/Seller since 1999
Ebay did Announce this change and there have been quite a few threads here on the subject. It has also been on the National and Local news, or at least it was where I live.
But keep in mind @714ricki advice is good advice. With or without a FORM, which is all a 1099K is, if you have earned income of any kind from anywhere you should be claiming it on your Federal Tax Return.
The IRS does NOT have a minimum threshold for reporting income.
So even though you didn't get the FORM, you still need to report your income to the IRS.
@davjon70 wrote:I report my income from eBay every year, but, I have never met the threshold before because it was $20,000, this year they have been warning us that it changed and lots of people will get a 1099k that never got them before, so I was waiting on their official form.
If you had $20,000+ and 200+ transactions, the 1099K should have already been released to you. Have you checked your Tax Reports under the Payment tab in your Seller Hub?
IRS delayed the reduction of the threshold on this form until 2023.
You have saved yourself a lot of headaches and likely money by reporting your income correctly. For any seller that thought the $20K threshold on this form was also somehow the threshold for all of IRS, those sellers will have a bit of explaining to do if they had not been reporting their income in previous years.
I personally have had a conversation with a few sellers that ONLY reported income IF they passed the $20,000K threshold. I wouldn't want to be in their shoes.
