Quote:
Originally Posted by Directly
I received the 1099k for 2020 and 2021 from eBay----I need one for 2022, eBay didn't send --any suggestions?
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Hmmmmm? Not to ask a stupid question, but did you double check to make sure you did go over BOTH the $20K sales/200 transactions threshold limits? I can't imagine you asking if you didn't but, still have ask the obvious.
Assuming your answer is yes, any chance a portion of your receipts this past year may have come through as F&F payments instead of what you may have thought were G&S payments? And if so, maybe enough dollars did get switched so it somehow got you below the most recent year's threshold limits after all?
But if that isn't it either, it is possible your 1099-K could still be sitting in the mail system somewhere, or may have been lost/mis-delivered. What you can do is contact Ebay/PayPal, to ask if your 1099-K form for 2022 has been sent out yet. And if they tell you yes, and it was sent a while ago according to them, ask if they can send you another one, but be sure to confirm the address they have for you on the 1099-K form in case they botched up their records and sent your original 1099-K to the wrong address. In which case you'd know why you never received the original one they sent you. Or maybe see if they can just make it available to you online so you can simply go and print it off yourself. You don't need an original to send a copy in along with your tax return, you just need a copy to see what the IRS got told, and make sure you report the proper amount of gross income/sales on your tax return.
Worst case scenario, if your 1099-K copy doesn't show up in the mail on its own in the somewhat near future, and you can't get Ebay/PayPal to send/provide you a new copy, you may have go back through and double check your PayPal G&S numbers and receipts for last year, and use that figure you come up with to report it as your gross G&S taxable income/sales from 2022 on your tax return. As long as what you end up reporting on your tax return equals or exceeds what the IRS thinks you're going to report per the 1099-K form they may have gotten for you, you're good to go.
However, as I mentioned in one of my earlier posts, in response to another person's question, you do have to be careful in figuring out what you should properly be reporting if you have to calculate your taxable G&S revenue yourself due to not getting a 1099-K form after all. If you had received any G&S receipts right around the year-end, or right after it, you need to careful. There could be some timing differences between when Ebay/PayPal thinks you received G&S receipt income, and when you may think you received it. And this fairly new Ebay Authentication Program could possibly be a huge factor in creating even bigger timing differences for people. Unless you are in a formal business, and have elected to use the accrual method of accounting, most every individual is considered and treated as a cash-basis taxpayer. That means you only record and report taxable income in the year when you actually receive it, and only record and report tax deductible expenses in the year you actually pay them. But in the case of PayPal, they are acting as sort of an official agent for you. So when you sell something on Ebay say around 12/28, and the buyer pays you via PayPal on 12/29, you then turn around mail the item off to Ebay Authentication on 12/30. Then because of the year-end holiday and all, the authentication company doesn't receive the item till say 1/4 of the following year, and finishes their work and forwards the item on to the buyer on 1/5. My understanding is that Ebay/PayPal may consider you to have received the income when they first received the buyer's payment on your behalf back on 12/29, but because of the AP program and all, PayPal doesn't actually release your money to you and put it into your account till after the authenticator completes their job and sends the item on to the buyer. In which case you may not think you received the money till after the end of the year. See the potential problem? PayPal/Ebay may be including the proceeds from that 12/28 sale on your 2022 form 1099-K and reporting it as taxable income to you for 2022. Meanwhile, you're thinking you didn't actually receive the money till sometime in 2023, and therefore aren't expecting it to be reported as taxable income to you until next year, 2023. So if you do end up contacting Ebay/PayPal about your missing 1099-K form, also ask them which year, 2022 or 2023, they'd end up reporting that taxable revenue/sales income in for you, based on my above circumstances and story. And if you do get an answer, please come back on and post for all of us what they told you. That way we'll all know for certain exactly when they consider a person to have received taxable income for their G&S receipts.
Hope this helps.
01-31-2023, 08:19 AM
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