Seems like both eBay AND Paypal will have to issue 1099K's, right?

[tomatbay]

PP is clearly a 3rd party transaction outfit so they have to issue a 1099K

eBay says they are going to send sellers 1099K's in 2022

So is PP going to send it's 1099K to eBay?  I sure hope so...

[toolsnthings2003]

Wrong, Ebay just sent me a 1099K for just over 10000 because I did a total of 34000 between the 2 in 2021.

[toolsnthings2003]

If your combined total on Ebay was more than 20,000 and 200 transactions for 2021, lets say 12,000 on Paypal and 8,000 through ebay payments, you will get a 1099K from Paypal for $12,000 and a 1099K from Ebay for the $8,000. They aren't letting anything slip by for 2021. And lets remember, they tried to pass a bill so they could monitor bank accounts associated with online commerce. That's just the beginning folks. They're all just stops on the road to communism.

[nobody*s_perfect]

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@tomatbay wrote:

Messages 10 is the clear answer. 

But Message 13 is critically important:  Knowing that PP DOES NOT SEND OUT 1099K's  👹

I would use Quotes here but how to use the quote system in this forum is beyond my mental capacity.

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PayPal does send out 1099-K's.

If you used PayPal as your payment processor for any part of 2021, e.g. as an eBay seller before switching over to Managed Payments, then PayPal will produce 1099-K's based on the amount that they processed for you and the relevant state or federal threshold.

[buyselljack2016]

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@tomatbay wrote:

Messages 10 is the clear answer. 

But Message 13 is critically important:  Knowing that PP DOES NOT SEND OUT 1099K's  👹

I would use Quotes here but how to use the quote system in this forum is beyond my mental capacity.

---

For message  10  ..........................  Someone not being mailed a 1099-K may be because of the preference they had set up as to how they  get the 1099.

Back to the 1st post.

Buyer pays via PP.

PP pays the seller.

eBay is not in that loop when the seller is in the eBay/PP group.

When the seller goes into the eBay/Managed Payments group then PP is out of the loop.

---------------------

To quote.................. when responding,  look up ..... between the smiley face, and the camera there is "quote" .

[buyselljack2016]

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@buyselljack2016 wrote:

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@tomatbay wrote:

Messages 10 is the clear answer. 

But Message 13 is critically important:  Knowing that PP DOES NOT SEND OUT 1099K's  👹

I would use Quotes here but how to use the quote system in this forum is beyond my mental capacity.

---

For message  10  ..........................  Someone not being mailed a 1099-K may be because of the preference they had set up as to how they  get the 1099.

Back to the 1st post.

Buyer pays via PP.

PP pays the seller.

eBay is not in that loop when the seller is in the eBay/PP group.

When the seller goes into the eBay/Managed Payments group then PP is out of the loop.

---------------------

To quote.................. when responding,  look up ..... between the smiley face, and the camera there is "quote" .

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Meant to say for MESSAGE  13 (not message 10).............................. Someone not being mailed a 1099-K may be because of the preference they had set up as to how they  get the 1099.

[romoboy5]

I just got a 1099 K from Paypal and another from Ebay. They have different total gross amounts from one another. Which one do I use when I file?!

[donsdetour]

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@romoboy5 wrote:

I just got a 1099 K from Paypal and another from Ebay. They have different total gross amounts from one another. Which one do I use when I file?!

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both.

[lacemaker3]

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@romoboy5 wrote:

I just got a 1099 K from Paypal and another from Ebay. They have different total gross amounts from one another. Which one do I use when I file?!

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You need both of them.

If you got a 1099-K from more than one payment processor, it means that you exceeded the threshold (whether the federal one or the one for your state if it's lower) with both payment processors. So they are both correct, and each shows your gross receipts that were processed for you by each payment processor.

If you are required to file a tax return, then you have to report all your income whether it was included on a 1099-K or other form, or not. This includes if you had sales with a processor that did not meet the threshold, or if you were paid with barter or exchange, rather than in currency.

[nobody*s_perfect]

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@romoboy5 wrote:

I just got a 1099 K from Paypal and another from Ebay. They have different total gross amounts from one another. Which one do I use when I file?!

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As noted, you report both.

The 1099-K from PayPal shows the funds that they processed for you before you joined Managed Payments.  The 1099-K from eBay shows the funds that were processed by eBay/Adyen. There is no duplication. The total of both is what you should enter on your tax form.

[romoboy5]

Never mind I see I have to file both.

[ssjones350]

In 2022, I rec'd 1099's from Paypal and Ebay.

On Paypal, I had 12 transactions at $2477 of income

On Ebay, I had nine transactions at $1408

Seems like I'm well under the tresholds, why did I rec'd  1099's?

[nobody*s_perfect]

Maryland is one of several states which have set thresholds which are substantially lower than the federal level. Here's a memo that eBay sent out last year; a couple more states have been added since then.

https://community.ebay.com/t5/Payments/Form-1099-K-Detailed-Report/m-p/31575590#M106915

[dbfolks166mt]

     It is actually any third party financial processor from which you receive funds that exceed either the Federal or State reporting thresholds. So in addition to the one I received from eBay I also received one from PayPal that had nothing to do with the eBay sales, one from Venmo and one from a couple of other third party financial processors. I had a small issue with the one from PayPal last hear since it did not separate out the funds that came from family and friends from what was related to sales, took a bit to juggle the figures on that one. 

[dbfolks166mt]

     The only time you would have to "worry" is if you are received direct fund transfers from PayPal, Venmo, Google Pay, Stripe............ for items you may have sold through a P2P transaction on a forum such as FaceBook marketplace, CraigsList, Community bulletin board, etc. 

[dbfolks166mt]

     If your combined total on Ebay was more than 20,000 and 200 transactions for 2021, lets say 12,000 on Paypal and 8,000 through ebay payments, you will get a 1099K from Paypal for $12,000 and a 1099K from Ebay for the $8,000. They aren't letting anything slip by for 2021. And lets remember, they tried to pass a bill so they could monitor bank accounts associated with online commerce. That's just the beginning folks. They're all just stops on the road to communism.

     Some of this is incorrect. The reporting thresholds are set by both the Federal and individual States so the 20K and 200 transaction numbers may or may not apply it depends on what state you live in. If you are under either the Federal or the State reporting thresholds then you should not get a 1099 from that financial processor. In your example unless the State reporting thresholds are lower then you would NOT get a 1099 from either PayPal or eBay for 2021. 

     Of course that does not mean you should not be paying taxes on the revenues.