IRS 1099 Threshold

[stealthnorris]

Hi,

I know the threshold is $20,000 and 200 transactions in 1 year.

I just wanted to get clarification, do I have to meet BOTH requirements,
or do I just have to meet one or the other in order to be sent a 1099 from eBay/PP


And does this apply if we have enrolled for MP?
Or since we provided our SSN will we be sent the 1099 regardless?

[HelpNeeded!]

Pretty sure you just need to have one of those, 200/$20k to get a 1099. At least as of a while ago I know that. No idea about MP but you will probably get 2 1099s, one for PayPal and one for eBay (assuming you did the sales volume).

[mongo]

PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year.

[kinsey]

At 200 transactions AND 20,000 in a year all payment processors will send you a 1099 and report to IRS. Was moved to Managed Payments in July so I will get a Paypal 1099 and one from Adyen/Managed Payments this year.

[agent006140]

when you receive your 1099K,it shows gross amount you collected,you have to take out the refund and sales tax to arrive at NET/

don't forget that they can also request tax ID if they expect you to exceed this limit

[SaiJin]

Just as speeder said above, meaning they can request doc if your rate of income is expected to exceed that EVEN if you don't even reach the limit.

[HelpNeeded!]

And lately they've been asking for docs upfront.

[mpfteam]

I think if you're using stealth and you pass the $20k then what. I've seen some ebay sellers doing straight talk and gone over $30k I wonder what's going to happen to the real names used in these stealth.

[ebaystealth1974]

Originally Posted by mpfteam

I've seen some ebay sellers doing straight talk and gone over $30k

Straight talk?

[agent006140]

Originally Posted by mpfteam

I think if you're using stealth and you pass the $20k then what. I've seen some ebay sellers doing straight talk and gone over $30k I wonder what's going to happen to the real names used in these stealth.

it goes by SSN,whose SSN are you using?

[mpfteam]

Originally Posted by ebaystealth1974

Straight talk?

straighttalk . com refills. i know of a certain sellers doing in excess of $335x100 refills then disappearing.
i wonder how the real name used is going to have a hard time.

[mpfteam]

i met someone on skype who sold more than 30k using a stealth account and he reeived the 1099, and paid the taxes.

now, is that good or what? i just can't think of it.

[agent006140]

Originally Posted by mpfteam

i met someone on skype who sold more than 30k using a stealth account and he reeived the 1099, and paid the taxes.

now, is that good or what? i just can't think of it.

what do you mean he paid it?
if it is a stealth,it is not his account,not his SSN?
1099k is a form telling you how much you have collected,you use it to file income tax,
IRS gets a copy of that 1099k and add the amount to the SSN owner

[mongo]

got a doc request at $7k. paced it so wasn't going to exceed $20k. switched to business account and used ein...no problems.