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Werner: Why that eBay Sale May Be Reportable | Quick Tax Tip

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Manage episode 498652563 series 2907093
Content provided by CPA Trendlines. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by CPA Trendlines or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

New 1099-K reporting rules mean your eBay, Etsy, or other online sales could land on the IRS’s radar—even if you’re just cleaning out your garage.

Quick Tax Tip
With Art Werner
CPE Today

If you’ve been selling old collectibles, furniture, or other personal items on eBay, you might think of it as a quick way to make cash, not something that belongs on your tax return. But according to tax guru Art Werner, new reporting thresholds for 1099-K forms are changing that, and the IRS could already have your sales data in hand.

“In the past, the threshold for receiving a 1099-K from a payment processor or credit card company was $20,000,” Werner explains in the latest episode of Quick Tax Tip. “If you didn’t hit that threshold, you wouldn’t get the form, and frankly, no one was looking.”
That’s no longer the case.

  continue reading

476 episodes

Artwork
iconShare
 
Manage episode 498652563 series 2907093
Content provided by CPA Trendlines. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by CPA Trendlines or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

New 1099-K reporting rules mean your eBay, Etsy, or other online sales could land on the IRS’s radar—even if you’re just cleaning out your garage.

Quick Tax Tip
With Art Werner
CPE Today

If you’ve been selling old collectibles, furniture, or other personal items on eBay, you might think of it as a quick way to make cash, not something that belongs on your tax return. But according to tax guru Art Werner, new reporting thresholds for 1099-K forms are changing that, and the IRS could already have your sales data in hand.

“In the past, the threshold for receiving a 1099-K from a payment processor or credit card company was $20,000,” Werner explains in the latest episode of Quick Tax Tip. “If you didn’t hit that threshold, you wouldn’t get the form, and frankly, no one was looking.”
That’s no longer the case.

  continue reading

476 episodes

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