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HOW MUCH CAN I SELL BEFORE I GET A 1099 FORM? IS IT $20,000 AND 200 SELLS OR IS IT JUST 200 SELLS OR JUST $20,000... SO IF I SELL OVER 200 ITEMS BUT ONLY MAKE $14000 WILL I RECEIVE A 1099 FORM? THANK YOU!
EBay and other online resale venues will submit a 1099-K to the federal government if your sales exceed a certain dollar amount or number of transactions. This stipulation applies to sellers who had $20,000 in gross sales or more than 200 transactions in the calendar year. All online sellers must have tax identification information on file. If your sales meet these criteria, you will have to pay taxes on it, but there are ways to lessen the tax bill.
THIS IS WHAT I'M SEEING WHEN I GOOGLE!
THIS IS ALSO ON PAYPAL SITE!!!How does PayPal report my sales to the IRS? Will I receive a tax Form 1099K?
PayPal will track the payment volume of your account(s) to check whether your payment volume exceeds both of these levels in a calendar year:
You may be asked to provide your tax identification number (TIN), such as a Social Security Number (SSN) or Employer Identification Number (EIN), to your existing account(s), if you don’t already have one on file. If your TIN fails verification, you will need to fill out an equivalent tax Form W-9.
If you cross the IRS thresholds in a given calendar year, PayPal will send Form 1099K to you and the IRS for that year early in the following year.