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$1700 in ebay sales for the year and 52 transactions...
Why the 1099-k...both are WAY below the thresholds...any thoughts...not a busuiness...just and individual
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HI,
I rec'd. a 1099-k today.
I had less than 200 transactions (196 transactions)
I had way less than $20,000.
So why was I issued a 1099-k?
Was it actually reported to the IRS?
Will I have to pay taxes on it?
Any help will be greatly appreciated.
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You probably live in Mass or Vermont. The 1099-K reporting threshold is lower, only $600 instead of $20K. You'll need to report it to the state DOR. I suggest also the IRS which you should do for any income. Just make sure you subtract your fees (paypal, ebay/amazon/shipping), the cost of the item to come up with your profit.
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-Hi
I sold a cell phone and a thermostat I had laying around and I received a 1099-k from Paypal. It is obviously not from business. What do I do with this and where do I report (if necessary) on my taxes?
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Do you live in Mass or Vermont? The 1099-K reporting requirement is lower, only $600 which is why you got the form.
You report it on 1040 Schedule C. Deduct the costs of the item, your fees (PayPal/Ebay/Amazon/Shipping) to figure out your profit.
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Received 1099-K for $7230, My understanding is that I only get if I exceed $20000 and 200 transactions! Was that sent by mistake?
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You probably live in Mass or Vermont. The 1099-K reporting threshold is lower...$600 instead of $20K.
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Do you live in Mass or Vermont? The 1099-K reporting requirement is lower, only $600 which is why you got the form.
You report it on 1040 Schedule C. Deduct the costs of the item, your fees (PayPal/Ebay/Amazon/Shipping) to figure out your profit.
Otherwise, it will be viewed as income and you'll pay extra taxes/fines if you don't declare it.
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Hello,
I got a 1099K in the mail yesterday - my total transactions was $14,XXX - this is under the $20K threshhold - why did I receive a 1099K for the year if I did not meet this number?
Thank you in advance.
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I think its calculated on the GROSS amount before the fee is deducted.
Advice is voluntary.
Kudos / Solution appreciated.
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