1 d
Ebay 1099 reddit?
Follow
11
Ebay 1099 reddit?
I'm in illinois, new threshold is 1k and 4+ transaction on ebay/paypal. In the description field, enter Form 1099-K Costs of Goods Sold. But if you get a 1099, the IRS will know for sure that you didn't report your sales. I live in Illinois, so the 1099-K reporting threshold is $1000/4 transactions (even though the Federal requirement $600 requirement was delayed until 2023). We would like to show you a description here but the site won't allow us. How do I avoid being taxed on selling used personal goods for a loss with the new 2022 1099 rules? I don't have most receipts for the original purchases. On Schedule 1 (Form 1040): Enter the Form 1099-K gross payment amount (Box 1a) on Part I – Line 8z – Other Income: "Form 1099-K Personal Item Sold at a Loss, $700" The IRS is lowering the Form 1099-K reporting threshold, but has delayed the date of the change by 1 year. $600 reporting threshold for 1099-K may be repealed Looks like Congress is trying to get it done. So, I have no idea how much exactly I made. The IRS is experiencing significant and extended delays in processing - everything. Ebay and PayPal have both automatically sent me my 1099, but I have nothing from Mercari. With its vast user base and diverse communities, it presents a unique opportunity for businesses to. This past year I sold items on eBay and according to the 1099-K I received my gross sales was $9600. For instance I made about $500 more this year than last year and I received a 1099-k last year. How do I interpret Ebay 1099-K detailed reports? The only sections are "ebay collected tax", "order total" and "transaction fee total". We would like to show you a description here but the site won't allow us. You can use this information on your Form 1099-K to help you comply with your tax obligations. We would like to show you a description here but the site won't allow us. Form 1099-K is an IRS form for reporting applicable payments received within a calendar year. The new thing is that Congress changed the 1099 reporting from $20k and 2000 sales, a very reasonable metric to the stupid $600 one. I received a 1099k from ebay for 5 sales that I made in 2022 (totaling around 1 I am aware that IRS postponed the requirement to report sales exceeding $600 and below $20,000/200 transactions for this year only. I assumed the threshold was $600 but ive seen a few and the IRS site mention its delayed for 2023 with it being changed to $5000 for 2024. In the Amount field, enter your Costs of Goods Sold as a negative number, select Continue and then Done. After I deduct all sales related expenses which amounts to ~$500, I will net ~ $900. I just checked my bank deposits from ebay, and my actual deposits are less than what ebay reported for each month. Has anyone experienced this? eBay $600 Tax Threshold for 1099-K. It sounds like I shouldn't have to pay taxes since I'm under the $20,000 right? 1099k Questions Why am I getting a 1099k form? It is only for Nov & Dec 2020 (after I switched to eBay managed payments) and I know I did not hit 200 transactions or 20,000 in sales for the year. I have proof for most items that they will be sold for losses. eBay 1099-k Looks like tax slayer wants me to treat my $1600 in eBay sales as a business. Did anyone receive 1099-K form from Facebook this year? I have sells well above $600 Did anyone receive 1099-K form from Facebook this year? I have sells well above $600. Of course you can tell the IRS what you sold, like if you sold something you purchased for more money, you can deduct that purchase amount from your taxes. Any platform you sell on is going to also follow this requirement. It's not a mess because your taxes aren't filed on an item-by-item basis. This will give you shipping and fees costs. Does eBay 1099k already subtract fees and shipping labels? Or do I need to subtract that from the gross sales. If your eBay activity is a business, you file it in the self-employment income section and you can deduct expenses like sales tax, eBay fees, postage, etc. Form 1099 MISC is a catchall form that is used to report other ty. So I was filing my taxes on Turbotax and was having trouble inputting my 1099-K form. If this is personal property you sold at a loss, then it isn't taxable income, but you don't get to deduct. Sales tax is collected by ebay and should be recorded as an expense. We would like to show you a description here but the site won't allow us. 2022 IRS Changes - selling old items with no receipt But, if you're going to sell old clothing "at a loss" then you should be selling at a flea market. $600 reporting threshold for 1099-K may be repealed Looks like Congress is trying to get it done. I believe this will be widely adapted as policy for major companies compelled to file 1099’s. Are we not allowed to go over $600. Feb 1, 2023 · The reporting of the number of transactions change is for the company issuing the form 1099-K. You still have to figure out all your numbers, eg sales, expenses, profit and enter it on a tax return where appropriate. We would like to show you a description here but the site won't allow us. Ended up making 19,860 so I didn't miss my tax form. One of the best things about the digital age is that you can shop for practically anything you need from the comfort of your own home and then sit back and wait for it to arrive at. Reading IRS "What to do with Form 1099-K" seems like since " Personal items sold at a loss " would mean I fill out Schedule 1 and lines 8z and 24z. In other words its correct. Since you are obviously reporting all of your income, regardless of whether you receive a 1099 or not, why does it matter whether eBay sends you a 1099? I would like to report this but I have no receipts and my paypal account is banned (long story). 00 and is paid for by the buyer on December 26, 2021, but is delivered and received in Janua. You are expected to honestly report your income whether you receive a 1099 or not As a result, for tax year 2023, only eBay sellers who exceed the current reporting threshold of $20,000 and 200 transactions, had backup withholding applied in 2023, or are residents of states that have a lower reporting threshold will receive a Form 1099-K. My father-in-law gave me about 150 antique collectible tractor toys that he wants me to sell so I'm going to go way over $600 in profits. I sell on TCGplayer, and made the mistake of selling more than 20K worth of stuff last year. was it a generic email? I received my eBay 1099-K. That change lessens the burden of issuing so many Form 1099-Ks for E-bay etc So you may not have to file the form 1099-K but you still must report the income listed on the form 1099-K if it nets $400 Reading IRS "What to do with Form 1099-K" seems like since "Personal items sold at a loss" would mean I fill out Schedule 1 and lines 8z and 24z. Airbnb is required to report gross earnings. I use eBay as an online garage sale for personal items, mostly used video games. Id need to pull my exact sales numbers for 2023 but it at most was around 2-$2500. This is my first year filing taxes. A place to discuss tactics and success stories of buying things for a low price and selling them for a higher one • ADMIN MOD. Reporting more than what I actually was paid Got my eBay 1099. Am I still required to submit my 1099-K for eBay I received even though the IRS pushed back the $600 reporting threshold to 2023? I have under 200 transactions under 20k. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U This means if you sell $10,000 worth of stuff on ebay, you will get a 1099K, very similar to a 1099 you would get from non-employee compensation. The IRS has new reporting thresholds for online sellers. A place to discuss tactics and success stories of buying things for a low price and selling them for a higher one • ADMIN MOD. Starting this year (for a 2024 filing) the limit will be $600 before TCGplayer/eBay submit a 1099-k to the IRS. Before you can start. I have the H&R block Deluxe program. I’ve been doing my research on taxes and the new 1099-K laws, and beyond that I want to keep good records of my sales so that taxes won’t be a nightmare next year. And so far I've heard nothing about exactly what a casual seller that is selling personal property at a loss is supposed to do with the 1099. Online marketplaces like eBay are required to issue a 1099-K to US sellers who've received payments from online sales that meet or exceed the minimum threshold set by the IRS and each applicable state. Yup, you have to pay the IRS no matter what the total is. For example, Massachusetts is $600. Actually you've been required to report it all along, it's just that ebay and other companies haven't had to send forms to the IRS to let them/you know how much you're selling until the law changed. Loss on the sale of personal property is not deductible, and generally should not be reported on Form 8949. Snr-Out-of-Work eBay 1099K reporting level will be reduced from $20000 to $600. I had deleted that account about a year ago but it had a 1099 form on it. Actually you've been required to report it all along, it's just that ebay and other companies haven't had to send forms to the IRS to let them/you know how much you're selling until the law changed Get app Get the Reddit app. What will you guys do when ebay, paypal, venmo, etc. The normal distribution is for individuals who are older than 59-1/2, and the distribution does n. You may receive a Form 1099-K from eBay, depending on the gross amount of the payments you received from your sales of goods and services on eBay. I received my eBay 1099-K. Late last year, the IRS delay its new rule about triggering a 1099-K form for $600 or more of sales through eBay, TCGPlayer… I did NOT receive a 1099-k from Paypal for 2022. You need to keep records of what you paid for the items you're selling. her triplet alphas chapter 5 The loss on the sale of a personal item is not deductible. 1099k doesn't match my own books. What is the correct process? WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 PDF announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. That includes any/all monies paid to you: sales, sales tax, shipping fees, etc. We would like to show you a description here but the site won't allow us. I sold a few thousand dollars worth of stuff and expected to get one, but checking just now and it says the same thing for years 2020-2023. eBay 1099. So the gain or loss would be: Sales price of Shoes. With a wide selection of vehicles from around the world, you can find the p. Am I required to report the 1. PayPal allows users to dispute 1099’s once issues and then they will make the necessary corrections. According to Airbnb's site, this is because they are required to report gross earnings on the 1099-K, before deducting things like their own fees: If the earnings reported on Form 1099-K show a higher amount than you were expecting, it's most likely the difference between your net and gross earnings. I haven't received a 1099-k. I downloaded a report of all my sales via a spreadsheet on the reports page. I use eBay as an online garage sale for personal items, mostly used video games. - eBay says I made $12k. For calendar year 2022 tax returns, if you receive a Form 1099-K, for the sale of a personal item that resulted in a loss, you should make offsetting entries on Form 1040, U Individual Income Tax Return, Schedule 1, Additional Income and Adjustments to Income, as follows: Report your. r/Flipping. I therefore got a 1099-K for 2022. tamil serial tamildhool 00 for your inventory, $0. We'll provide you with Form 1099-K by January 31 each year if you've received payments that meet or. Then you add up what you sold them for. List type and amount: "Form 1099-K Personal Item Sold at a Loss …. I have a w2 from a job, a 1099 k from ebay and a 1099 nec from. In 2020 I sold some personal items on eBay totaling $1,405 and received a 1099K from PayPal. Some Googling shows due to Missouri's limit being $1200. It's way overinflated. I did approx $2900 gross sales in 104 transactions in 2021. So what do I do with that. I even look at the last deposit of the prior month. The current limit is $20k, so if you made less than that you won't get one. costco party food Up until this year I have always filed under my name since I never went beyond the 20k/200 items limit and she never received a 1099-K. $600 reporting threshold for 1099-K may be repealed Looks like Congress is trying to get it done. Snr-Out-of-Work eBay 1099K reporting level will be reduced from $20000 to $600. I've sold misc old items on ebay for over decade - never anything really valuable. But you would report the W-2 on line 1 of the 1040, the 1099-NEC on a schedule C, and the 1099-K gets reported on a schedule C but only if it is taxable income. Issuing the 1099-K is a requirement of the Internal Revenue Service. How do I avoid being taxed on selling used personal goods for a loss with the new 2022 1099 rules? I don't have most receipts for the original purchases. Reporting more than what I actually was paid Got my eBay 1099. Unless you had more than $20,000 in gross sales and 200 transactions in 2021, we will not submit a 1099-K form to the IRS or the California Franchise Tax Board. I'm filing an amendment and it says I owe 424 to federal and 63 to state! How is that fair at all? No, you are supposed to self-report any income. In 2022 it will be lowered to $600. Starting this year, new legislation has lowered that threshold to just $600, even if that was from a single sale all year. Previously, $20k was the point at which TCGplayer/eBay would submit a 1099-k on your behalf. It changes what how should file if it's not taxable income, but if it's actual income then the 1099-K shouldn't impact your taxes. How do I avoid being taxed on selling used personal goods for a loss with the new 2022 1099 rules? I don't have most receipts for the original purchases. So, I have no idea how much exactly I made. Hello, I was listing tonight when I suddenly got a banner that says " Your payouts are on hold because we need your Tax Identification Number. I know I'll need to do my 2021 1099 this year. It's not a reporting threshold for you. Online marketplaces like eBay are required to issue a 1099-K to US sellers who've received payments from online sales that meet or exceed the minimum threshold set by the IRS and each applicable state.
Post Opinion
Like
What Girls & Guys Said
Opinion
61Opinion
Feb 1, 2023 · The reporting of the number of transactions change is for the company issuing the form 1099-K. They have not specified if there's a number of sales threshold. Before you can start. Did anyone get their 1099s yet from eBay? Don't have mine yet New comments cannot be posted and votes cannot be cast. There are a handful of states like this, with different thresholds. We would like to show you a description here but the site won’t allow us. You may receive a Form 1099-K from eBay, depending on the gross amount of the payments you received from your sales of goods and services on eBay. Yes, both thresholds (200 transactions AND 20,000 gross) need to be exceeded. I have seen some posts on this but would like to know the steps to enter a 1099 K for personal items sold on Ebay during 2022. The sales should be reported somehow with an explanation. I plan on filing my taxes showing that the. If your item sold for $500 + $20 and buyer paid $80 sales tax, it would be $600 you received on your 1099k. Received a 1099-K from eBay. Now paypal has issued ME a 1099 with MY name and SS, but for HIS income. Hello, I guess I just sold over $600 on eBay and they want to send me a 1099K. Form 1099-K is an IRS form for reporting applicable payments received within a calendar year. What specifically does that mean I need to do for my taxes. Why is it that I am seeing a difference between what paypal is reporting vs. Tax deadlines may not roll around until Feb B. will report all earnings over $600, and you will get a 1099k tax form starting January 1st? You may receive a Form 1099-K from eBay, depending on the gross amount of the payments you received from your sales of goods and services on eBay. For " Personal items sold at a gain " IRS says to use both forms 8949 & Schedule D. Starting on January 1, 2024, IRS regulations require all businesses that process payments, including online marketplaces like eBay, to issue a Form 1099-K to sellers who receive $600 or more in gross payouts. telford sale Issuing the 1099-K is a requirement of the Internal Revenue Service. In any laboratory setting, accuracy and efficiency are of utmost importance. $600" to show the proceeds from the sale reported on the Form 1099-K and, Form 1040, Schedule 1, Part II – Line 24z, Other Adjustments. So, I have no idea how much exactly I made. If it is taxable income, it is up to you to enter the numbers on your taxes. If you receive $600 or more in gross payouts over the course of the 2023 calendar year, we'll provide a Form 1099-K to you by January 31. I use eBay as an online garage sale for personal items, mostly used video games. 1099 is the document you will receive from your broker. Your friend should know, however, that whether or not he/she gets a 1099 is NOT the deciding factor on whether the transactions need to be reported on his/her taxes. However, it keeps asking me to review it, and when I do, it says I need to double click to link to schedule C, but it does not do anything. eBay and Form 1099-K You may receive a Form 1099-K from eBay, depending on the gross amount of the payments you received from your sales of goods and services on eBay. I just received a 1099-K form from eBay yesterday, even though I didn't sell more than $20k last year Even according to the criteria at the top of the form, I shouldn't have received this form because (a) I didn't sell $20k and (b) I didn't conduct more than 200 transactions. However small. You are expected to honestly report your income whether you receive a 1099 or not eBay and Form 1099-K. I live in Illinois, so the 1099-K reporting threshold is $1000/4 transactions (even though the Federal requirement $600 requirement was delayed until 2023). room for rent downtown toronto dollar500 You are merely saying you are self-employed for the purpose of being able to report the income on the 1099-K. The issue with claiming it as a hobby is that you cannot deduct your expenses, just enter your 1099-k total as additional income. I am considering selling personal household items on ebay. Reporting more than what I actually was paid. For example, if you bought a bike for $1,000 last year and then sold it on eBay. I received my eBay 1099-K. This holds true for eBay Canada sellers as well. And so far I've heard nothing about exactly what a casual seller that is selling personal property at a loss is supposed to do with the 1099. No buying-related questions. IRS Form 1099-NEC asks for very basic information, including payer and recipient contact information and total compensation. - eBay says I made $12k. Since you have both types of income combined on the same 1099-K, it's up to you to divvy it up and report each portion in the proper place on your tax return Deshes011. I actually sold less around ($475) because a couple buyers cancelled so I never received the money. Question about eBay 1099 and deducting losses. They have not specified if there's a number of sales threshold. From my understanding the IRS had last minuet changes to the 1099K. The normal distribution is for individuals who are older than 59-1/2, and the distribution does n. eBay is one of the biggest online marketplaces available. Form 1099-K is an IRS form for reporting applicable payments received within a. medicaid obgyn jacksonville fl Ebay says "You don't have a Form 1099-K for this tax year". Yes, you are supposed to report all income on your tax return, even if you don't get a 1099. When it comes to liquid handling, multichannel pipettes have become an essential tool for many research. I actually sold less around ($475) because a couple buyers cancelled so I never received the money. I have a small eBay business I started. It's way overinflated. Ebay says "You don’t have a Form 1099-K for this tax year". So I filled out Schedule C, but takes me to 8919-T and that asks for a reason. Unless you had more than $20,000 in gross sales and 200 transactions in 2021, we will not submit a 1099-K form to the IRS or the California Franchise Tax Board. I'm sure you read posts about Ebay accidentally sending out 1099-K to people in California that made less than $20,000. With over 185 million active buyers and sellers, eBay Motors is the perfect place to find your dr. Unfortunately, a recently passed law drastically lowered the threshold for reporting sales on online selling platforms, meaning that I will be issued a 1099-K, and be required to report this additional several thousand in income on my tax return this year, despite the proceeds of these sales not actually being mine. I assumed the threshold was $600 but ive seen a few and the IRS site mention its delayed for 2023 with it being changed to $5000 for 2024. And so far I've heard nothing about exactly what a casual seller that is selling personal property at a loss is supposed to do with the 1099. The 1099-K reports gross proceeds not net profits or returns. Until recently, you would only get a 1099-K if you sold over $20,000, or more than 200 items. *New visitors please use the 'weekly open' thread or your post will be deleted. This past year I sold items on eBay and according to the 1099-K I received my gross sales was $9600. eBay and the form itself make no assertion about that. So the 1099-K threshold is closer to $300, not $600. If you do not satisfy both of these criterias then you do not have to file a 1099-K. This is way down from the current 200 transactions a year totalling $20,000 or more. I kept reading to either just fill out the 1099-k section, or use Schedule C. Reporting more than what I actually was paid.
It's not clear how to report in Tuebotax This thread is too… IRS delays 2023 1099-K forms for $600 earnings The IRS on Tuesday said it is again delaying the implementation of a 2021 law that requires payment platforms such as Venmo, Paypal or Cash App to send tax forms called 1099-Ks to anyone who received more than $600 in the current tax year. I can show documentation that I spent more than that on the boxes that the cards came ins but, of course, I kept some, traded some, etc. So now the app is going to give us a form when we hit $600 in sales in 2022 to file for taxes. If you receive any 1099, it should be reported. thai restaurant near me now No buying-related questions. It's not a mess because your taxes aren't filed on an item-by-item basis. Don't forget other potential expenses: Skip to main content My mother just got audited for her Ebay sales and IRS is demanding she hand over 12k in two weeks : r/legaladvice Open navigation r/legaladvice r/legaladvice I just received in the mail a 1099-K for eBay and that's after I had already received a 1099-K from PayPal. Then you add up what you sold them for. We would like to show you a description here but the site won't allow us. I am an eBay Seller and have always received 1099K under the EIN of my LLC taxed as an S corp. So if I buy something at a store to sell on eBay , i keep the receipt and track what I paid , how much I sell it for and the shipping etc. roberta smallwood Sales tax is not included nor is what eBay takes out. I saw any account hitting $600+ in sales must file 1099-k form and pay self-employed income tax of 15 That's not accurate. You only pay tax on the profit. I got a 1099-K from eBay. But I don't know why but this year, ebay issued it under my personal name and SSN. I plan on filing my taxes showing that the. Hopefully someone can clarify for those who sold on eBay. casual encounter atlanta For example if as a single person you make $80,000 net profit as a 1099 employee, your QBI deduction is 20% of ~$62000, or $12,400, which saves you $2728, or 3. I actually sold less around ($475) because a couple buyers cancelled so I never received the money. There’s more to life than what meets the eye. We would like to show you a description here but the site won’t allow us. I sell on TCGplayer, and made the mistake of selling more than 20K worth of stuff last year. Am I required to include this info on my.
No buying-related questions. There's the gross for the year, but it's broken down by month as well. A 1099-K doesn't make your taxes any easier for YOU, it's just a hat-tip to the IRS about who's evading their taxes -- when the IRS is aware you've had business income but you report none, they know who to audit. Longarm quilting machines have revolutionized the world of quilting, allowing enthusiasts to create stunning designs with ease. Am I required to include this info on my. 1099-K not come from eBay or Mercari. Many more 1099-Ks will be going out in 2023 for 2022 income. While I agree with you on the tax law aspect, the reality is that because a 1099-K was generated from Ebay sales, IRS is going to presume there is a business. By clicking "TRY IT", I agree to receive ne. I have been selling personal possessions acquired over a lifetime in order to survive. eBay and the form itself make no assertion about that. A place to discuss tactics and success stories of buying things for a low price and selling them for a higher one • ADMIN MOD. As of today (3/1/21), I have NOT received a 1099-K from PayPal in the mail. The dollar amounts by month don't match and the gross amount on the eBay 1099-K is ~$500 more than the PayPal one. Yea, looks like the new $600 threshold for the IRS is for tax year 2023 so this doesn't take effect until it's time for next year's taxes. eBay claims it's still considered "money movement" by the IRS and says it will still show $700 on my 1099. Have a question about book keeping for selling on eBay and for when i receive the 1099. I am not flipping items for profit. 1099 is the document you will receive from your broker. Your eBay 1099-K form is now available online through the seller hub. resetting pps fault can am defender Hello I am a little newer to writing posts on reddit and am not best at it. eBay and the form itself make no assertion about that. It's not a mess because your taxes aren't filed on an item-by-item basis. 3k income on my tax return since a 1099k is issued or can i just ignore it. That said, the amount on your 1099-K is just the total payments you received from eBay. Also, for Mercari shipping paid by the buyer IS included in my 1099 as income and then I deduct the amount I paid (which if using Mercari labels… I sold a phone on ebay in 2021 for about 600 bucks but that tax time in 2022 i filed taxes and didnt get that form until after my taxes were filed already. Because the 1099-K implies all of it is. The 1099 has nothing to do with the 90 day cycle. Say I bought a bulk set of items this year (2021) with the intent of reselling them individually. While I agree with you on the tax law aspect, the reality is that because a 1099-K was generated from Ebay sales, IRS is going to presume there is a business. According to the North Carolina Office of the State Controller, 1099 vendors are trade and non-trade entities or individuals that provide goods, services or contract work for a com. So you'd get a 1099 for any paypal/stockx payments combined in a year 1 Reply Share [deleted] I know the rules for receiving a 1099 from sites like eBay and Paypal are changing, but I'm finding conflicting information about when those changes start (2021 tax year or 2022?) and whether it varies by which state you live in (I'm in Maryland). I plan on filing my taxes showing that the. It's way overinflated. The payments listed on Form 1099-K may or may not be taxable income. Beginning in the year 2022, ebay will issue 1099-k forms to sellers who accumulate more than 600. No: The threshhold for eBay to REPORT your revenue via 1099 form is $600 for tax year 2023 and on. Ebay charged fees, taxes. You either report it. pink 30 mg adderall vs orange I sell on TCGplayer, and made the mistake of selling more than 20K worth of stuff last year. Total sales for paypal for $7837, with fees of $1091 and shipping of $340. I still made income from eBay however. A 1099-K doesn't make your taxes any easier for YOU, it's just a hat-tip to the IRS about who's evading their taxes -- when the IRS is aware you've had business income but you report none, they know who to audit. If you are receiving unem. The gross amount eBay paid out to me was over $20,000 (1099K), but my net income was less than $20,000. I had was like $25 above my state limit. How to determine if there is a gain or not? : r/tax r/tax r/tax Just because you got a 1099-K doesn't necessarily mean you have to put that number somewhere on your tax return. Do I need to claim the purchase price on this year's taxes (2021) even though I sell them in 2022? Or can I/am I supposed to wait until 2022 taxes to deduct the purchase price along with shipping. I got mine about 3 weeks ago. Bonanza is the online bidding. I know that the total for the year includes my sales revenue and shipping revenue but does it also includes the tax ebay… The Ebay payments team and the 1099-k help page on eBay both explicitly say that seller collected sales tax is included in the 1099-k but eBay collected Marketplace Facilitator sales tax is not included. Yes, both thresholds (200 transactions AND 20,000 gross) need to be exceeded. However, NONE of the items I sold for personal and for business were at a profit Since that's the case, I owe no taxes because I made no profit as everything was sold at a loss. You can use this information on your Form 1099-K to help you comply with your tax obligations. For example, if you bought a bike for $1,000 last year and then sold it on eBay. Last year I sold some computer parts that totaled 1381 I got my 1099-k after I filed (Thanks eBay for being slow).