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- - 1099 new tax $600 2022
( https://www.aspkin.com/forums/general-platform-discussions/147825-1099-new-tax-600-2022-a.html)
jm091804 | 06-14-2022 07:49 PM | 1099 new tax $600 2022 I have a question i'm selling on ebay but not as business mostly closet stuff like collectibles, toys, clothes, and other things. my question is if i sell like 2000 worth and its non profit do i still have to pay taxes and how is that done thanks in advance. |
yankee | 06-15-2022 09:33 AM | Re: 1099 new tax $600 2022 You will get a 1099k.
Only you and your accountant knows if you made a profit. You need a tax professional not a forum full of strangers who most likely have no idea what they are talking about. |
Luminary | 06-15-2022 11:30 AM | Re: 1099 new tax $600 2022 Needs to be reported regardless if you made profit or not. |
yankee | 06-15-2022 12:16 PM | Re: 1099 new tax $600 2022 Quote:
Originally Posted by Luminary
(Post 1194807)
Needs to be reported regardless if you made profit or not. | In the USA you only pay taxes on gain. In addition, there is not even a place on any US tax return for 1099k to be added. The intention of a 1099k is to keep people honest on their gross income. It is not a measure of how much tax you pay. |
vettefever17 | 07-03-2022 12:44 AM | Re: 1099 new tax $600 2022 Oh, trust me, despite it not being on the normal reporting, it is there. I left off a crypto 1099, as I broke even on it. Got a nice letter for over 30k debt from years ago. The exchange reported the gain side, and not the buy side. Had to resolve that issue for over 4-5 months with a nice letter and dox providing. |
SaiJin | 07-06-2022 07:32 PM | Re: 1099 new tax $600 2022 Yep that's pretty normal. |
Minikim514 | 10-03-2022 12:54 PM | Re: 1099 new tax $600 2022 Hi, with stealth accounts, how we sell pass 600? Or do we just sell up to 600 and switch to a new account? I'm not sure what to do with the tax |
agent006140 | 10-03-2022 05:05 PM | Re: 1099 new tax $600 2022 It goes by SSN,so if all your stealth accounts have the same SSN ,you will get one 1099K |
agent006140 | 10-03-2022 05:09 PM | Re: 1099 new tax $600 2022 Quote:
Originally Posted by jm091804
(Post 1194741)
I have a question i'm selling on ebay but not as business mostly closet stuff like collectibles, toys, clothes, and other things. my question is if i sell like 2000 worth and its non profit do i still have to pay taxes and how is that done thanks in advance. | There are 2 ways to report your income/loss-one is to use a schedule form for small business,another is just report it as misc income on your 1040.
In your case,you are not running a business ,and you have no profit,then do nothing.
(The way IRS looks at someone who sells whatever he has in closet,attic,it figures you paid more for these items and now you probably sell for less,so it does not expect you to make money.
With one exception,if you are selling precious metals,valuable antiques like a Picasso painting) |
Minikim514 | 10-03-2022 05:39 PM | Re: 1099 new tax $600 2022 Quote:
Originally Posted by agent006140
(Post 1202671)
It goes by SSN,so if all your stealth accounts have the same SSN ,you will get one 1099K | Can I use my ssn for all my accounts, aren't one person only allow one account? |
agent006140 | 10-03-2022 09:07 PM | Re: 1099 new tax $600 2022 are we talking about Ebay selling?
You can have more than one,many use one for selling,browsing,buying,chatting |
agent006140 | 10-03-2022 09:08 PM | Re: 1099 new tax $600 2022 Quote:
Originally Posted by Minikim514
(Post 1202674)
Can I use my ssn for all my accounts, aren't one person only allow one account? | Many Ebay sellers have multiple seller accounts,but with the same SSN,they will get one 1099k |
Minikim514 | 10-03-2022 09:17 PM | Re: 1099 new tax $600 2022 Quote:
Originally Posted by agent006140
(Post 1202687)
Many Ebay sellers have multiple seller accounts,but with the same SSN,they will get one 1099k | For mercari? Thank you so much |
Re: 1099 new tax $600 2022 Quote:
Originally Posted by Minikim514
(Post 1202689)
For mercari? Thank you so much | Last post was about ebay just for clarification | All times are GMT -5. The time now is 10:17 PM. | |
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