1099 new tax $600 2022

[jm091804]

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]

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]

Needs to be reported regardless if you made profit or not.

[yankee]

Originally Posted by Luminary

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]

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]

Yep that's pretty normal.

[Minikim514]

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]

It goes by SSN,so if all your stealth accounts have the same SSN ,you will get one 1099K

[agent006140]

Originally Posted by jm091804

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]

Originally Posted by agent006140

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]

are we talking about Ebay selling?
You can have more than one,many use one for selling,browsing,buying,chatting

[agent006140]

Originally Posted by Minikim514

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]

Originally Posted by agent006140

Many Ebay sellers have multiple seller accounts,but with the same SSN,they will get one 1099k

For mercari? Thank you so much

[rsot]

Originally Posted by Minikim514

For mercari? Thank you so much

Last post was about ebay just for clarification