1099 tax form questions

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  • pjl44
    pjl44 Posts: 10,546
    jrfigg said:
    aisleseats said:
    jrfigg said:
    https://www.irs.gov/businesses/what-to-do-with-form-1099-k#personal

    In case you don’t want an Internet forum to be your accountant. 
    Yeah, I had already looked that over pretty heavily. But it doesn't really give much clarification. And even there, where it tells you what form to use, once you get to the form, it asks you to enter amounts from 1099b, not 1099k. Was just curious to see what others have done, since I can't possibly be the only one here reporting their ticket sales on their taxes.
    Ha, fair enough. As an accountant I’m probably just more used to reading IRS nonsense. Assuming you need to report on form 8949 and schedule d, on the 8949 part 1 you should report the tickets as short term property with box c (not reported on a 1099b) checked. And then hopefully whatever software you’re using automatically carries that to schedule d part 1 and then on to your 1040 page 1. 
    Just that simple, folks
  • Loujoe
    Loujoe Posts: 11,759

  • Ryan_WFC
    Ryan_WFC Posts: 1,353
    Helpful info from a NYT article last week

    In an attempt to simplify such situations when you file your 2024 tax return, the I.R.S. has included a new space at the top of Form 1040’s Schedule 1 for reporting “additional income and adjustments to income.” There, you can include amounts reported in error on a 1099-K or report personal items sold at a loss.

    As of Thursday, the I.R.S. had not updated all of its online information to reflect this change, but details can be found in the instructions for Schedule 1.
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  • Go Animal
    Go Animal Posts: 7,357
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  • Loujoe
    Loujoe Posts: 11,759

  • on2legs
    on2legs Posts: 15,980
    So… it looks like the Trump bill has changed the 1099-K reporting thresholds.   For 2025 it will be $5000 and in 2026 it will return to $20,000.  People here who are actual tax professionals please feel free to clarify if I don’t have it correct. 
    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 (#25) | 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  2025: Raleigh


  • mookeywrench
    mookeywrench Posts: 6,075
    I would clarify, but then I'd have to bill you.
  • inmyrvm
    inmyrvm Posts: 1,039
    edited August 18
    on2legs said:
    So… it looks like the Trump bill has changed the 1099-K reporting thresholds.   For 2025 it will be $5000 and in 2026 it will return to $20,000.  People here who are actual tax professionals please feel free to clarify if I don’t have it correct. 
    It is correct that it's changing back to the old rules, and i believe it's actually retroactive to 2022 (I took my cpe on this while back already and don't recall the exact details and can't look it up at the moment).  The original threshold was actually $2,500 for this year.

    Edit: unfortunately I am an accountant, but not yours so consult with yours please
    Post edited by inmyrvm on
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  • on2legs
    on2legs Posts: 15,980
    Appreciate the info!
    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 (#25) | 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  2025: Raleigh


  • Enzed
    Enzed NZ Posts: 562
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  • on2legs
    on2legs Posts: 15,980
    Someone has to pay the bills for this party!
    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 (#25) | 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  2025: Raleigh


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