1099-K Reporting Issues and What To Do!
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
- In this video, I talk about what a 1099-K is, what the new rules are, why it's so problematic, and what you can do about it. There is specific guidance from the IRS on these issues so you know I'm just not making this up. There will likely be a lot of 1099-K challenges this upcoming tax season.
IRS 1099-K Link:
www.irs.gov/businesses/unders...
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• 1099-K Reporting Issue...
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Anyone got this issue?
This is confusing. Say I sold a total of $5000 of used items that I know I sold at a loss. I found my receipts that prove the loss for some of the items, but not all of the items. Do I report the 24z adjustment for the amount I can PROVE sold at a loss that I have receipts for? Or do I just report the entire $5000 at a loss? If I get audited and can't prove portions of the total wasn't sold at a loss since I don't have the receipts, what happens then?
Yes. Mine is a little odd. I didn’t sell anything online or elsewhere. But I did test transactions on stripe. I charged myself, my billing etc never canceled the transaction because they went into my own account anyway. How do I handle this. Can’t seem to get a hold of stripe support.
Edit: just got off the phone with Stripe support. While they can see the transaction were made by me, they’ve informed me they can’t change or edit the 1099K they issued. So we can rule out Stripe editing or correcting anything other than name info. These transactions are obviously more than $600 but way way lower than the $20K.
SHADOW OPPOSITION ORG? - Hey, The Coalition for 1099-K Fairness does not appear to be a functioning organization.
I tried to signup - but they don't list my state (MA) and have 2 MS's. They've no social media presence & have never replied to my 2 messages (contact form). WTH?
Thank you for being so specific. Sold some old stuff and now I know exactly what to do.
Very informative. Thank you.
Learned a lot
Question, if my deductions are more than my income would that mean I don't have any taxable income from my side business? Without thinking of my expenses I believe I expect to make enough to need to pay quarterly taxes, but because it's so new once I factor in my expenses I'm in the negative. I'd hate to pay a penalty for not paying taxes, but I'm finding it's a bit difficult to find information about how start up costs affect taxes
How about rent and borrowed money from family members through zelle?
Zelle is not issuing 1099-k's.
Thank you for your video! my eBay account states that I grossed just over $11,300. In my first full year with eBay. On my eBay portal, it states that I do not qualify for a 1099k fo 2022. Can I claim my itemized deductions for fees, training, shipping and purchasing items to resell etc. and “not claim my $11,000. “Since eBay says they are not issuing a 1099k to me”
We are a property management company and I have a few questions regarding the 1099-K and 1099-MISC.
For the 1099-K, we have received a gross amount of $26,600. Could you please advise on how to report this amount in the taxes? These payments were received via the portal and disbursed to the landlord.
Hi, and thanks for your help. What would you do in this scenario if you (don't recieve a 1099 K)?
You sold personal tems on eBay and made $6500 from the sales. You figure you originally paid $10,000 for them years ago, plus you paid shipping and eBay fees. totaling $2000 for a total cost of $12,000.
A few of the items sold you make a profit of $500, but overall you are still at a loss considering everything together.
Knowing you can't deduct a loss , should you just claim the $500 or do you claim your total in sales add up what you originaly paid for everything including shipping/fees and still consider it all a loss even though you made a profit on on those few items totaling $500?
How would you treat this scenario? I heard you should only claim the $500 on your taxes and ignore the items you has a loss on?
I have the same question.
What about Apple Pay? Reimbursement for meals with friends.
How are people getting 1099k when the IRS push back the rollout to next year.
Hello I have a question I am 16 years old and I got the 1099k irs thing and is asking for my SSN should I put my real one because I don’t want to to delete my account once they know I’m 16?
yikes
What did you end up doing?
Your parents should claim your income in their taxes because you are a dependent
There won't know your age unless they ask for your DOB. They won't know your age from your SSN.
The threshold for 2023 is $20,000, not $600. That was updated in December 2022 I believe. My husband was selling some stuff online this year and it totaled 4300. We ended up getting a 1099-K for it. Do you know if we have to report it given the 20,000 threshold? I can't seem to find an answer as to why the company sent us the 1099 k, given its far less than $20,000.
There are 11 states that already participate in the reporting requirement threshold of $600. Check to see if you are one of those states.
Im confused AF about this too, I made like $3500 in 2022 but I never got a 1099-K since I didnt go over 20k. Im assuming I dont have to report it on my taxes.
@Rodas949 I would also like to know this but I'm leaning on the side as an side income you make is income and needs to be reported regardless if u got a form or not
There's some really good questions in comments that you're not replying to so what's the point of subscribing if you don't respond? 🤔