eBay Tax Statements

[robw1959]

Has anyone heard about the status of eBay's tax statements for sellers for 2024? Are they finally issuing them to those who have at least $600 in earnings for the year like they've been telling us for the last couple of years?

[Knightlax5]

I believe they changed it thios year to where if you have $5k in sales then you get a 1099

[bnorth]

Originally Posted by Knightlax5

I believe they changed it thios year to where if you have $5k in sales then you get a 1099

^^THIS^^ It is $5000 this year.

[judgebuck]

Yes, my understanding is that it is $5,000 this year and $600 next year.

Also, someone told me that the shipping costs are included in determining if the $5,000 threshold is met. Anyone know if this is the case?

[Michael B]

Originally Posted by judgebuck

Yes, my understanding is that it is $5,000 this year and $600 next year.

Also, someone told me that the shipping costs are included in determining if the $5,000 threshold is met. Anyone know if this is the case?

Even if they do it is fully deductible, Schedule C, I believe though may be mistaken on the form.

[bobbyw8469]

It's a logistical nightmare. Trust me.

[robw1959]

Originally Posted by Knightlax5

I believe they changed it thios year to where if you have $5k in sales then you get a 1099

Thanks. Good to know that.

[bcbgcbrcb]

eBay does include shipping in their reported taxable income for the year just as they do in calculating their fees that they take out. Also taken out of their fees is the sales tax that the buyer pays when making a purchase even though the seller never even sniffs that money as eBay remits it straight to the state of record. Quite a racket that eBay has going and nobody has been able to stop it.

[sonnyu2]

eBay has a pretty detailed page explaining the 1099-K form - https://www.ebay.com/help/selling/fe...-1099k?id=4794

Shipping Charges are part of the total sale price so they will always be included in the total gross amount of income. A seller can deduct the actual amount they paid to ship items though when filing their taxes.

As always, consult a CPA if you are unsure how to reconcile your 1099-K and report it on your taxes.

[Keith H. Thompson]

the 1099-K forms will be sent electronically this year.

[theshowandme]

Still getting them as always as a Virginia resident at the $600 threshold.