Status of $600 1099 rule?

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PinnedAndRecessed

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Jun 2, 2006
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IIRC, they proposed it, passed it, withdrew it, "until further noticed" it...

What's the status? If one sells an item on fleabay/gunbroker/etc, the hosting company sends seller a 1099? Or are they still working out the bugs?

I haven't sold anything for years, but am considering upgrading a few things.
 
Joined
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you will get a K-1099 from ebay for example.... That doesn't mean any of it is taxable but it will have to be reported. Gunbroker is not doing 1099's so I was told... I have not got one from them
 

PinnedAndRecessed

Single-Sixer
Joined
Jun 2, 2006
Messages
168
you will get a K-1099 from ebay for example.... That doesn't mean any of it is taxable but it will have to be reported. Gunbroker is not doing 1099's so I was told... I have not got one from them
If it's reported, it's taxable. Unless you have proof of your original basis.

If you sell a guitar on fleabay for $1,000, but you have the receipt where you paid $1,800, then you took a loss and owe nothing. If you can't prove your basis, you'll owe on the entire $1,000.

Re gunbroker. If you receive pmnt via gunbroker, you get a 1099. If you don't go through gunbroker checkout, you don't get a 1099.

All the above is moot if the govt did not pass the $600 limit. (It was $20K before that.)
 
Joined
Dec 30, 2007
Messages
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If it's reported, it's taxable. Unless you have proof of your original basis.

If you sell a guitar on fleabay for $1,000, but you have the receipt where you paid $1,800, then you took a loss and owe nothing. If you can't prove your basis, you'll owe on the entire $1,000.

Re gunbroker. If you receive pmnt via gunbroker, you get a 1099. If you don't go through gunbroker checkout, you don't get a 1099.

All the above is moot if the govt did not pass the $600 limit. (It was $20K before that.)
IRS website:

$600 1099-K reporting threshold delayed


The $600 threshold for payment apps and online marketplaces to report payments on Form 1099-K is delayed for tax year 2023. The IRS is planning a threshold of $5,000 for tax year 2024. Get details on the IRS Nov. 21, 2023 announcement.
 

epags

Single-Sixer
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Jun 15, 2023
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California
well y'all know the reality is if you sell something ... doesn't matter if it is for $599 or $1000 that is income and should be reported on your tax declaration for that year. Doesn't matter if you get a 1099 or not.
And if you bet on the super bowl and won, that is taxable...your responsibilty to report it......losses are not deducable.
😇
 

NC FNS

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Dec 25, 2015
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Western NC
well y'all know the reality is if you sell something ... doesn't matter if it is for $599 or $1000 that is income and should be reported on your tax declaration for that year. Doesn't matter if you get a 1099 or not.
Lots of rules, but generally, if you buy something for $100 and sell it for $150, you have a $50 gain. Sell for $75, and it's a $25 loss.
 

eveled

Hawkeye
Joined
Apr 3, 2012
Messages
5,620
My tax man said if you don't get a 1099 Don't worry about it.
He is literally telling you its ok to break the law.

Like saying it's ok to speed if you don't see a cop.

It is sort of understood wink wink, but still illegal.

All the laws Capone broke, they got him for tax evasion. You are supposed to claim even illegal income.. 😂
 
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