Question re: Needing/reporting 1099-K if not meeting the $20k/200 requirements?

[devinz5050]

Heya - 

Kind of a novice question here. So I was way caught off guard a while ago when the 1099-K's started coming out for PayPal/eBay sales. So much so that I (stupidly) did not report my eBay sales on income taxes for 2013 and was later audited by the IRS and owed a ton of money thanks to that 1099-K form. Since then I've clearly been a lot more careful itemizing sales and expenses due to eBay sales.

For the 2016 year, I do not show a 1099-K form available to download in PayPal's tax documents section. Looking through my reports, it looks like I've sold around $21,000 with about 140 transactions. So my guess is I did not get the form because of not hitting 200 transactions.

However, especially given that I was audited by the IRS once already, I'm assuming they'll be expecting misc. business sales reported by me for 2016. Does the 1099-K not get sent to the IRS now because of not hitting 200 transactions?

Can I still receive one from PayPal for 2016 in order to give to my tax preparer? I've gotten all of the deductions and expenses for the year itemized, was just waiitng on the 1099-K.

Thanks all for your help!

[sharpiemarker]

You have to meet both requirements to receive a 1099-k form so if you did not meet both, you do not get one. You can still report the income you got in 2016 by forwarding all your sales/expense records to your tax preparer without a 1099-k.

[Whac-A-Mole]

if you search this forum,some Paypal members are getting 1099k and they have not sold much,Paypal admits it is a mistake.

so go look for your 1099k in your account under tax documents.

it is always good to report your earnings,since you were audited once,you could be on their radar.

[racheleok]

Even though I didn't reach 1099-K thresholds, I reported on my Return. I used Turbo-Tax Home and Business. I used all info from the CVS Transaction history, I printed for my decuctions and fees. Along with my cost of goods using receipts. I wonder what If later on, Paypal ends a 1099 and i didn't file any business income. It's the law to report it. I'd report anything over 400.