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FYI: Important Update on Tax Forms for IRS

on2legson2legs Standing in the Jersey rain… Posts: 14,426
in Lost Dogs
“The IRS has decided, in the absence of Congressional action, to delay for one year the implemtation of a law that requires payment and e-commerce platforms like PayPalPYPL, Venmo, CashApp, eBayEBAY and Etsy to file Form 1099-K (to taxpayers and the IRS) for anyone receiving over $600 in proceeds on their various platforms.”

Hopefully we get a permanent fix from Congress in 2023. 

1996: Randall's Island 2  1998: East Rutherford | MSG 1 & 2  2000: Cincinnati | Columbus | Jones Beach 1, 2, & 3 | Boston 1 | Camden 1 & 2 2003: Philadelphia | Uniondale | MSG 1 & 2 | Holmdel  2005: Atlantic City 1  2006: Camden 1 | East Rutherford 1 & 2 2008: Camden 1 & 2 | MSG 1 & 2 | Newark (EV)  2009: Philadelphia 1, 2 & 4  2010: Newark | MSG 1 & 2  2011: Toronto 1  2013: Wrigley Field | Brooklyn 2 | Philadelphia 1 & 2 | Baltimore  2015: Central Park  2016: Philadelphia 1 & 2 | MSG 1 & 2 | Fenway Park 2 | MSG (TOTD)  2017: Brooklyn (RnR HOF)  2020: MSG | Asbury Park  2021: Asbury Park  2022: MSG | Camden | Nashville  2024: MSG 1 & 2 (#50) | Philadelphia 1 & 2 | Baltimore


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    1SunShower01SunShower0 Posts: 51
    Thanks for posting this.  What would this mean for those who received 1099-k forms based off that new threshold last year already I wonder?  I received 1099 forms from Ebay and Paypal from 2021 sales (over $600 but well under $20,000) and filed them with my 2021 taxes, how is that possible if the IRS now claims they are delaying the new threshold?  This whole change is/was absolutely ridiculous.  
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    2-feign-reluctance2-feign-reluctance TigerTown, USA Posts: 23,143
    Yep, this is why I am done selling shit. It’s not some side hustle for me, but I’m getting lumped in with those folks. That’s unnerving. If I get any forms, I’m not doing anything with them in light of this news. 
    www.cluthelee.com
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    on2legson2legs Standing in the Jersey rain… Posts: 14,426
    You shouldn’t get a 1099k form based on this info, but if you do you need to account for it on your tax return.  Otherwise you risk the IRS the sending you a cp2000 letter.  The letter will be a bill for the tax you owe as well as interest. 
    1996: Randall's Island 2  1998: East Rutherford | MSG 1 & 2  2000: Cincinnati | Columbus | Jones Beach 1, 2, & 3 | Boston 1 | Camden 1 & 2 2003: Philadelphia | Uniondale | MSG 1 & 2 | Holmdel  2005: Atlantic City 1  2006: Camden 1 | East Rutherford 1 & 2 2008: Camden 1 & 2 | MSG 1 & 2 | Newark (EV)  2009: Philadelphia 1, 2 & 4  2010: Newark | MSG 1 & 2  2011: Toronto 1  2013: Wrigley Field | Brooklyn 2 | Philadelphia 1 & 2 | Baltimore  2015: Central Park  2016: Philadelphia 1 & 2 | MSG 1 & 2 | Fenway Park 2 | MSG (TOTD)  2017: Brooklyn (RnR HOF)  2020: MSG | Asbury Park  2021: Asbury Park  2022: MSG | Camden | Nashville  2024: MSG 1 & 2 (#50) | Philadelphia 1 & 2 | Baltimore


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    on2legson2legs Standing in the Jersey rain… Posts: 14,426
    1SunShower0 said:
    Thanks for posting this.  What would this mean for those who received 1099-k forms based off that new threshold last year already I wonder?  I received 1099 forms from Ebay and Paypal from 2021 sales (over $600 but well under $20,000) and filed them with my 2021 taxes, how is that possible if the IRS now claims they are delaying the new threshold?  This whole change is/was absolutely ridiculous.  
    Did you have a lot of smaller sales? The 1099k is also triggered if you have over 200 transactions regardless of the amount.  
    1996: Randall's Island 2  1998: East Rutherford | MSG 1 & 2  2000: Cincinnati | Columbus | Jones Beach 1, 2, & 3 | Boston 1 | Camden 1 & 2 2003: Philadelphia | Uniondale | MSG 1 & 2 | Holmdel  2005: Atlantic City 1  2006: Camden 1 | East Rutherford 1 & 2 2008: Camden 1 & 2 | MSG 1 & 2 | Newark (EV)  2009: Philadelphia 1, 2 & 4  2010: Newark | MSG 1 & 2  2011: Toronto 1  2013: Wrigley Field | Brooklyn 2 | Philadelphia 1 & 2 | Baltimore  2015: Central Park  2016: Philadelphia 1 & 2 | MSG 1 & 2 | Fenway Park 2 | MSG (TOTD)  2017: Brooklyn (RnR HOF)  2020: MSG | Asbury Park  2021: Asbury Park  2022: MSG | Camden | Nashville  2024: MSG 1 & 2 (#50) | Philadelphia 1 & 2 | Baltimore


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    on2legson2legs Standing in the Jersey rain… Posts: 14,426
    edited January 1
    .
    Post edited by on2legs on
    1996: Randall's Island 2  1998: East Rutherford | MSG 1 & 2  2000: Cincinnati | Columbus | Jones Beach 1, 2, & 3 | Boston 1 | Camden 1 & 2 2003: Philadelphia | Uniondale | MSG 1 & 2 | Holmdel  2005: Atlantic City 1  2006: Camden 1 | East Rutherford 1 & 2 2008: Camden 1 & 2 | MSG 1 & 2 | Newark (EV)  2009: Philadelphia 1, 2 & 4  2010: Newark | MSG 1 & 2  2011: Toronto 1  2013: Wrigley Field | Brooklyn 2 | Philadelphia 1 & 2 | Baltimore  2015: Central Park  2016: Philadelphia 1 & 2 | MSG 1 & 2 | Fenway Park 2 | MSG (TOTD)  2017: Brooklyn (RnR HOF)  2020: MSG | Asbury Park  2021: Asbury Park  2022: MSG | Camden | Nashville  2024: MSG 1 & 2 (#50) | Philadelphia 1 & 2 | Baltimore


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    JOEJOEJOEJOEJOEJOE Posts: 10,431
    If you get a 1099, be sure to report on your tax return, however, also be sure to report the cost of goods sold to help lessen the tax related to the 1099 income.
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    1SunShower01SunShower0 Posts: 51
    on2legs said:
    1SunShower0 said:
    Thanks for posting this.  What would this mean for those who received 1099-k forms based off that new threshold last year already I wonder?  I received 1099 forms from Ebay and Paypal from 2021 sales (over $600 but well under $20,000) and filed them with my 2021 taxes, how is that possible if the IRS now claims they are delaying the new threshold?  This whole change is/was absolutely ridiculous.  
    Did you have a lot of smaller sales? The 1099k is also triggered if you have over 200 transactions regardless of the amount.  
    Apparently IL and NJ send a 1099 for anything over $1000.  I moved to IL in 2020 so received the 1099 based off IL threshold.  
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    Gern BlanstenGern Blansten Your Mom's Posts: 17,961
    2-feign-reluctance said:
    Yep, this is why I am done selling shit. It’s not some side hustle for me, but I’m getting lumped in with those folks. That’s unnerving. If I get any forms, I’m not doing anything with them in light of this news. 
    yeah like 2legs said...if you get a 1099 don't ignore it. If you don't want to pay tax on it just report an expense equal to the income. If you ignore it they will bill you for tax/interest/penalty in a few years and it will be a pain in the ass.
    Remember the Thomas Nine !! (10/02/2018)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Chicago; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
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    foodshop65foodshop65 Connecticut Posts: 729
    everyone's getting 1099s in January 24. all these companies have to send them over $600 for 23. shouldn't be a big deal with anyone cause paying more taxes is fun! Yeah government
    Randall's Island 9-29-1996, MSG 9-10/11-1998, Meadows, CT 9-13-1998, Sacramento 10-30-2000, Bridge School 10-26-2002,MSG 9-8/9-2003, Hartford 2013, Amsterdam 2014(2), Memphis 2014, MSG 5-1/2-2016, Fenway 8-7-16, Fenway 9-2/4-18 MSG 9-11-22
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    danofundanofun Posts: 739
    on2legs said:
    “The IRS has decided, in the absence of Congressional action, to delay for one year the implemtation of a law that requires payment and e-commerce platforms like PayPalPYPL, Venmo, CashApp, eBayEBAY and Etsy to file Form 1099-K (to taxpayers and the IRS) for anyone receiving over $600 in proceeds on their various platforms.”

    Hopefully we get a permanent fix from Congress in 2023. 

    foodshop65 said:
    everyone's getting 1099s in January 24. all these companies have to send them over $600 for 23. shouldn't be a big deal with anyone cause paying more taxes is fun! Yeah government
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    F Me In The BrainF Me In The Brain this knows everybody from other commets Posts: 30,621
    This cover stubhub sales as well?
    The love he receives is the love that is saved
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    on2legson2legs Standing in the Jersey rain… Posts: 14,426
    F Me In The Brain said:
    This cover stubhub sales as well?
    It’s supposed to cover all the 3rd party payment processing sites so Stubhub should be included. 
    1996: Randall's Island 2  1998: East Rutherford | MSG 1 & 2  2000: Cincinnati | Columbus | Jones Beach 1, 2, & 3 | Boston 1 | Camden 1 & 2 2003: Philadelphia | Uniondale | MSG 1 & 2 | Holmdel  2005: Atlantic City 1  2006: Camden 1 | East Rutherford 1 & 2 2008: Camden 1 & 2 | MSG 1 & 2 | Newark (EV)  2009: Philadelphia 1, 2 & 4  2010: Newark | MSG 1 & 2  2011: Toronto 1  2013: Wrigley Field | Brooklyn 2 | Philadelphia 1 & 2 | Baltimore  2015: Central Park  2016: Philadelphia 1 & 2 | MSG 1 & 2 | Fenway Park 2 | MSG (TOTD)  2017: Brooklyn (RnR HOF)  2020: MSG | Asbury Park  2021: Asbury Park  2022: MSG | Camden | Nashville  2024: MSG 1 & 2 (#50) | Philadelphia 1 & 2 | Baltimore


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    danofundanofun Posts: 739
    F Me In The Brain said:
    This cover stubhub sales as well?
    The threshold is not sales channel specific. The remaining question is which companies will still send a 2022 1099 to those who fall short of the 200/$20,000 mark?
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    foodshop65foodshop65 Connecticut Posts: 729
    danofun said:
    F Me In The Brain said:
    This cover stubhub sales as well?
    The threshold is not sales channel specific. The remaining question is which companies will still send a 2022 1099 to those who fall short of the 200/$20,000 mark?
    No one will because they don’t have to for 22, it’s was suspended because they didn’t have their act together 
    Randall's Island 9-29-1996, MSG 9-10/11-1998, Meadows, CT 9-13-1998, Sacramento 10-30-2000, Bridge School 10-26-2002,MSG 9-8/9-2003, Hartford 2013, Amsterdam 2014(2), Memphis 2014, MSG 5-1/2-2016, Fenway 8-7-16, Fenway 9-2/4-18 MSG 9-11-22
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    danofundanofun Posts: 739
    foodshop65 said:
    danofun said:
    F Me In The Brain said:
    This cover stubhub sales as well?
    The threshold is not sales channel specific. The remaining question is which companies will still send a 2022 1099 to those who fall short of the 200/$20,000 mark?
    No one will because they don’t have to for 22, it’s was suspended because they didn’t have their act together 
    It’s a very interesting situation. A law was passed and the IRS delayed its launch because they, not the payment processors, are ill prepared to handle the volume of additional work that will be required. At least that’s my understanding.

    This is a one year stopgap. As @on2legs stated in the OP, “Hopefully we get a permanent fix from Congress in 2023.”
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    SHZASHZA St. Louis, MO USA Posts: 3,172
    foodshop65 said:
    danofun said:
    F Me In The Brain said:
    This cover stubhub sales as well?
    The threshold is not sales channel specific. The remaining question is which companies will still send a 2022 1099 to those who fall short of the 200/$20,000 mark?
    No one will because they don’t have to for 22, it’s was suspended because they didn’t have their act together 
    They don't have to but some still might. I received one for ebay for 21 and was nowhere close to 20k or 200 transactions 
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    Get_RightGet_Right Posts: 12,479
    I suspect this may include StockX as well. And you need to support your cost basis and related expenses if want to offset the tax due.  Not necessarily hard, but something you have to do. I had an inquiry on a $2000 deduction/credit for 2021 andit was a major hassle.
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    SHZASHZA St. Louis, MO USA Posts: 3,172
    edited February 2023
    SHZA said:
    foodshop65 said:
    danofun said:
    F Me In The Brain said:
    This cover stubhub sales as well?
    The threshold is not sales channel specific. The remaining question is which companies will still send a 2022 1099 to those who fall short of the 200/$20,000 mark?
    No one will because they don’t have to for 22, it’s was suspended because they didn’t have their act together 
    They don't have to but some still might. I received one for ebay for 21 and was nowhere close to 20k or 200 transactions 
    I received a 1099 from ticketmaster for 2022. A few thousand in payments but nowhere close to 20k. I think it's almost all Pearl Jam F2F sales so it should be a wash for tax purposes. 
    Post edited by SHZA on
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    RS65573RS65573 Posts: 2,369
    I got one from ebay, no where near 20k or 200 items, however I believe in NJ you still must file the form for 2022.

    Im very interested to see where I can put the cost of those items in turbotax or if it even prompts for this obvious money grab. 0 chance I pay 1 cent in taxes on this shit.
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    on2legson2legs Standing in the Jersey rain… Posts: 14,426
    SHZA said:
    SHZA said:
    foodshop65 said:
    danofun said:
    F Me In The Brain said:
    This cover stubhub sales as well?
    The threshold is not sales channel specific. The remaining question is which companies will still send a 2022 1099 to those who fall short of the 200/$20,000 mark?
    No one will because they don’t have to for 22, it’s was suspended because they didn’t have their act together 
    They don't have to but some still might. I received one for ebay for 21 and was nowhere close to 20k or 200 transactions 
    I received a 1099 from ticketmaster for 2022. A few thousand in payments but nowhere close to 20k. I think it's almost all Pearl Jam F2F sales so it should be a wash for tax purposes. 
    There’s a bunch of states that have very low thresholds for reporting like the currently unenforced federal regulation.  If you live in one of those states that could be what triggered you to receive one.  
    1996: Randall's Island 2  1998: East Rutherford | MSG 1 & 2  2000: Cincinnati | Columbus | Jones Beach 1, 2, & 3 | Boston 1 | Camden 1 & 2 2003: Philadelphia | Uniondale | MSG 1 & 2 | Holmdel  2005: Atlantic City 1  2006: Camden 1 | East Rutherford 1 & 2 2008: Camden 1 & 2 | MSG 1 & 2 | Newark (EV)  2009: Philadelphia 1, 2 & 4  2010: Newark | MSG 1 & 2  2011: Toronto 1  2013: Wrigley Field | Brooklyn 2 | Philadelphia 1 & 2 | Baltimore  2015: Central Park  2016: Philadelphia 1 & 2 | MSG 1 & 2 | Fenway Park 2 | MSG (TOTD)  2017: Brooklyn (RnR HOF)  2020: MSG | Asbury Park  2021: Asbury Park  2022: MSG | Camden | Nashville  2024: MSG 1 & 2 (#50) | Philadelphia 1 & 2 | Baltimore


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    darthvedderdarthvedder Posts: 2,476
    The IRS delayed the $600 threshold once again. It will be $20k this year and $5k next year.


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    F Me In The BrainF Me In The Brain this knows everybody from other commets Posts: 30,621
    Nice!
    The love he receives is the love that is saved
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    HollisBrownHollisBrown Posts: 4,314
    Nice nice
    TRANSPLANTS SAVE LIVES
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    Donate Organs and Save a Life
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    HollisBrownHollisBrown Posts: 4,314
    darthvedder said:
    The IRS delayed the $600 threshold once again. It will be $20k this year and $5k next year.


    Post of the year. Thank you 
    TRANSPLANTS SAVE LIVES
    www.UNOS.org
    Donate Organs and Save a Life
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    arqarq Posts: 7,935
    Fuck the government, taxes are a scam, I understand the country needs my money to function but there is no accountability, funding wars and sending free money to other countries while we get fucked here? again FUCK THE GOVERNMENT.
    "The good thing about science is that it's true whether or not you believe in it"
    Neil deGrasse Tyson

    Why not (V) (°,,,,°) (V) ?
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    on2legson2legs Standing in the Jersey rain… Posts: 14,426
    That’s good news.  Although you may still get a 1099k if your home state has a lower threshold for reporting.  
    1996: Randall's Island 2  1998: East Rutherford | MSG 1 & 2  2000: Cincinnati | Columbus | Jones Beach 1, 2, & 3 | Boston 1 | Camden 1 & 2 2003: Philadelphia | Uniondale | MSG 1 & 2 | Holmdel  2005: Atlantic City 1  2006: Camden 1 | East Rutherford 1 & 2 2008: Camden 1 & 2 | MSG 1 & 2 | Newark (EV)  2009: Philadelphia 1, 2 & 4  2010: Newark | MSG 1 & 2  2011: Toronto 1  2013: Wrigley Field | Brooklyn 2 | Philadelphia 1 & 2 | Baltimore  2015: Central Park  2016: Philadelphia 1 & 2 | MSG 1 & 2 | Fenway Park 2 | MSG (TOTD)  2017: Brooklyn (RnR HOF)  2020: MSG | Asbury Park  2021: Asbury Park  2022: MSG | Camden | Nashville  2024: MSG 1 & 2 (#50) | Philadelphia 1 & 2 | Baltimore


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    mickeyratmickeyrat up my ass, like Chadwick was up his Posts: 35,764
    will put this here.....

    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
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