New tax form for online sellers

Discussion in 'Random Ramblings' started by Chemguy, Jan 24, 2012.

  1. Chemguy

    Chemguy Chillin' With My Peeps

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    Hi All. I came across an announcement of a new tax form, 1099-K, that is intended to be used for reports of online income. Before you panic, the specs are that you make more than $20,000 online AND conduct more than 200 transactions. Apparently, PayPal and Ebay are already issuing the form. Here's an article (not from the IRS) with more info: http://cashmoneylife.com/1099-k-form-reporting-requirements/
     
  2. CluckyJay

    CluckyJay Chillin' With My Peeps

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    Crossville, Tennessee
    Render unto Caesar! lol
     
  3. EweSheep

    EweSheep Flock Mistress

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    Land of Lincoln
    I thought it was for buyers AND sellers.

    My state tax was asking me if I had bought items out of state and I would require to pay state tax for that! I thought it was the sellers job to charge taxes.

    Its going to weed out the sellers and buyers from selling anything on Ebay now.
     

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