$20,000 and 200 question

[rektech]

Just looking for some clarification on this. So I have read that as a seller if  you sell over $20,000 and 200 transactions you will receive a tax form.

So I am just selling stuff on ebay I'm not running a business just purging my horde. If is sell say $25,000 in items but I made this by only selling 100 items would I fall under the 1099K category?   Or if I sold 300 items but only made $10,000  would I fall under the 1099K category?  From what I understand I would have to have made $20,000 or over from 200 items or more in order to fall in to the 1099K category. Is this correct? 

[Anonymous_User]

Third-party payment processors such as PayPal are required issue this form when you have at least $20,000 in transactions and 200 transactions.  For the most part, if you don’t meet both of those conditions, you probably won’t see the 1099-K.  Understand, though, that there are some states where the threshold for reporting is lower.  Vermont and Massachusetts are two of those states.  If you live in those states, even if you don’t reach both thresholds, you could find yourself with a 1099-K.  The issuer sends a copy to the IRS, and a copy to you, for your records.  Just like the 1099-MISC, the IRS gets a copy and you get a copy.  So it’s not exactly a PayPal 1099-K, but it is a form that many people are going to receive as a result of carrying on business through PayPal.