And what I'm saying is the IRS lowered the threshold for reporting for
2024 from $20,000. I understand you must report your income if you don't
get a Form 1099-K. What I'm also saying is, we are not all retail
power-sellers and all transactions that ...
Yes, I understand that, but you pay taxes on a gain, not a loss. Not
every sale is a gain and the lower threshold corralled all sales on that
1099-k and made it more complicated, which is what I'm trying to point
out.
Not every sale is a gain (profit). Many of us take losses and those
sales are included on that 1099-K, which only show gross receipts. Form
generated or not, you pay taxes on a gain, not a loss.
Exactly... The problem is not every sale is a gain. Many of us can take
losses on sales and those sales are also included on that 1099-K, which
only shows your gross receipts.
$20k for 2023, $5k for 2024, $2.5k for 2025 and $600 for 2026. As I
stated, we are not all power-sellers and are being taxed like we are
because of lower thresholds. Can you understand that?
