New tax form for online sellers

[Chemguy]

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/

 

[CluckyJay]

Render unto Caesar! lol

 

[EweSheep]

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.