eBay

ljsj2757 · ‎12-30-2021

does anyone know if the new $600 1099k threshold which starts 1/1/22 is per platform or per S.S. NUMBER OR TIN..will one come from eBay, one come from Facebook marketplace, one come from etsy etc etc. are will be all inclusive?

wildpitchsports · ‎12-30-2021

You will receive 1 for each website or payment processor if your sales (including sales tax and any shipping paid for by the buyer is the total amount is over $600.) It won't be cumulative for all websites combined.

View Best Answer in original post

wildpitchsports · ‎12-30-2021

You will receive 1 for each website or payment processor if your sales (including sales tax and any shipping paid for by the buyer is the total amount is over $600.) It won't be cumulative for all websites combined.

my-cottage-books-and-antiques · ‎12-30-2021

You will get a separate 1099K from each company that is required to send you one.

erkosuniverse · ‎12-31-2021

the last i heard,it was revised from $600.00 to $10,000.00 Screenshot 2021-10-20 at 10-37-34 Democrats to scale back Treasury’s IRS bank reporting plan, raise the threshold from $600[...].png

stainlessenginecovers · ‎12-31-2021

@erkosuniverse

That was wishful thinking and did not pass. 1/1/22 is tomorrow and the law for 2022 is $600.

*_forum_id_* · ‎12-31-2021

Regardless of whether a 1099 is provided, reporting ALL income is and always has been required.

*******************************
This is my posting user ID.
I have different user IDs for selling, buying and posting.
NOTE: Responders are eBay users like you that volunteer to help other users. We are not compensated by eBay.

buyselljack2016 · ‎12-31-2021

@erkosuniverse

Two different things.

THe 1099-K reporting at $600 has nothing to do with what you have posted.

nobody*s_perfect · ‎12-31-2021

The bank reporting plan is a completely different policy than the threshold for payment processors to issue 1099-Ks.

erkosuniverse · ‎12-31-2021

this is dated october 20,2021 Screenshot 2021-12-31 at 18-05-49 Democrats raise proposed IRS bank reporting threshold from $600 to $10K.png

erkosuniverse · ‎12-31-2021

I thought the e-bay 1099 was only decreased to $10,000 from $20,000 and the 200 sales rule?

richard1rst · ‎12-31-2021

@*_forum_id_* wrote:

Regardless of whether a 1099 is provided, reporting ALL income is and always has been required.

And just so you know hat the IRS is serious about that. I mean REALLY serious about.

REALLY REALLY SERIOUS

Just the other day the IRS put out an announcement reminding all those smash and grab robbers to report the value of the stolen items as unearned income. The only exception is if you return it to its rightful owners. BEFORE the end of the year.

And you drug dealers and money launderers as well. Be sure to file Schedule C self employment income. Which will of course require you to pay double the rate of social security taxes (because you are self employed)

See the IRS is REALLY SERIOUS about collecting what it is owed.

Yeah, good luck with that.

No I am NOT making this up.

https://nypost.com/2021/12/30/irs-wants-thieves-drug-dealers-to-report-their-income/

"Laissez-faire capitalism (AKA The Great Material Continuum) is the only social system based on the recognition of individual rights and, therefore, the only system that bans force from social relationships." ~ Ayn Rand

blingfling123 · ‎12-31-2021

There are two reporting things out there, one passed and in place and one still proposed.

One was related to electronic platforms and payment processors reporting income above $600 via a 1099 that was passed by Congress and starts Jan 1, 2022. That one is in place and is what people are referencing here.

The second was Banks reporting data over $600 (that was then proposed to be changed to 10K) that has NOT passed which is what you have linked information to.

They are two completely different things.

stainlessenginecovers · ‎12-31-2021

Bank Reporting requirements and Money Processing Requirements for 1099k is 2 different things.

The first is $10k; the latter is $600. Ebay and all other websites that you can sell on and get payments electronically, is $600.

southern*sweet*tea · ‎12-31-2021

@richard1rst wrote:
@*_forum_id_* wrote:

Regardless of whether a 1099 is provided, reporting ALL income is and always has been required.

And just so you know hat the IRS is serious about that. I mean REALLY serious about.

REALLY REALLY SERIOUS

Just the other day the IRS put out an announcement reminding all those smash and grab robbers to report the value of the stolen items as unearned income. The only exception is if you return it to its rightful owners. BEFORE the end of the year.

And you drug dealers and money launderers as well. Be sure to file Schedule C self employment income. Which will of course require you to pay double the rate of social security taxes (because you are self employed)

See the IRS is REALLY SERIOUS about collecting what it is owed.

Yeah, good luck with that.

No I am NOT making this up.

https://nypost.com/2021/12/30/irs-wants-thieves-drug-dealers-to-report-their-income/

Tax evasion is how they finally caught Al Capone. All those murders and it was the tax guys that got him. All it takes is one tiny mistake somewhere, and if they sell that stuff anywhere online there is a digital trail.

The easier you are to offend the easier you are to control.

We seem to be getting closer and closer to a situation where nobody is responsible for what they did but we are all responsible for what somebody else did. - Thomas Sowell