*Correction* Per IR-2024-299, Nov. 26, 2024, the IRS has provided transition relief as follows: Under the guidance issued today, TPSOs will be required to report transactions when the amount of total payments for those transactions is more than $5,000 in 2024; more than *_$2,500 in 2025_* ; and more than $600 in calendar year 2026 and after.
Severe governmental overreach. Gross. They need me to find receipts for old baby clothes I sold to another mom? A $600 threshold is so damn greedy. (And yes those of us with a lot of kids could easily make this much literally selling old clothes online at a loss) I hope this gets repealed
What if the gross income on the 1099-k is wrong. Live Nation Worldwide, Inc. the parent company of Ticketmaster LLC put the income that Ticketmaster made on the sale of my tickets as my gross income when it was Ticketmaster's income. Example, list ticket on Ticketmaster for $100. Ticketmaster's payment to me is minus 10% or $90. The ticket I list for $100, the buyer pays $121. I don't see any of that money. The $10, plus the $21 that Ticketmaster's is making, is for some reason included as my gross income. IT IS NOT. My gross is what is sent to my bank account $90, and if the ticket cost me $50, then my net is $40. My bank records prove that the 1099-k gross income is a lie.
Hello Noel... Thanks for this good info. PayPal just sended me a 1099-k form. However I leave overseas, I'm not working in the US. or a US based company.. So how do I manage to file this 1099-k form from where I'm at?? Any suggestions or ideas in how to deal with this, it will be very appreciated.... God Bless.
I sold $19,000 worth of games in my NBA Season Ticket package, but I don't know which games I went to so it's a real big headache to get this done right. Selling something you had for 5 years is going to be treated as pure profit unless you can find the receipt. This is totall BS. Buck Fiden! He really did raise taxes on certain people a whole lot.
Noel I received a 1099-K showing on 1A for 7686.02, but I only received 5,431.90 from Ticketmaster. I called Ticketmaster and was advised they are required to show the total gross on 1a which includes all fees the seller was charged and also the fees that buyer paid. So what is happening here is the Money I received does not match the total on 1a. hopefully the tax app will explain???? I heard you say make sure the Money received should match 1a?
Yes, the gross amount should be what you report on your tax return on the top line. This helps to prevent IRS matching errors. If applicable, list out and deduct your expenses to get to the true 'net figure'. Make sense?
I'm a contractor and made $1800 paid through PayPal. My overall PayPal was less than $5000 per year. Unlikely I will get 1099K. However, my employer doesn't file 1099 NEC on me. So how do I report my income on my taxes?
what about online with 500+ transactions per year? were really expected to have a line for each of these transactions and calculate all this? I have the documentation in my notes for how much I made on each item but I don't have the date acquired and date sold and all that... this is absurd to expect all this of someone. and to manually enter thousands of transactions?
I've received a 1099-k for the first time but never sold anything all I have is cash app and send money to family and receive money from family in time of need both ways can you plz explain what should I do
*Correction* Per IR-2024-299, Nov. 26, 2024, the IRS has provided transition relief as follows: Under the guidance issued today, TPSOs will be required to report transactions when the amount of total payments for those transactions is more than $5,000 in 2024; more than *_$2,500 in 2025_* ; and more than $600 in calendar year 2026 and after.
Thank you so much for making this video. I'm now following you so I can receive new videos!
Awesome! Thank you!
Guess it's time to get off ebay and go cash only from here on out
Severe governmental overreach. Gross. They need me to find receipts for old baby clothes I sold to another mom? A $600 threshold is so damn greedy.
(And yes those of us with a lot of kids could easily make this much literally selling old clothes online at a loss)
I hope this gets repealed
What if the gross income on the 1099-k is wrong. Live Nation Worldwide, Inc. the parent company of Ticketmaster LLC put the income that Ticketmaster made on the sale of my tickets as my gross income when it was Ticketmaster's income. Example, list ticket on Ticketmaster for $100. Ticketmaster's payment to me is minus 10% or $90. The ticket I list for $100, the buyer pays $121. I don't see any of that money. The $10, plus the $21 that Ticketmaster's is making, is for some reason included as my gross income. IT IS NOT. My gross is what is sent to my bank account $90, and if the ticket cost me $50, then my net is $40. My bank records prove that the 1099-k gross income is a lie.
First time getting 1099-K for 2024. Sucks for side small business.
Did you pat taxes as you where earning during 2024? or you haven't? Asking for a friend that just received one! lol
Hello Noel... Thanks for this good info. PayPal just sended me a 1099-k form. However I leave overseas, I'm not working in the US. or a US based company.. So how do I manage to file this 1099-k form from where I'm at?? Any suggestions or ideas in how to deal with this, it will be very appreciated.... God Bless.
You can use an online service like TurboTax to file your tax return. Best of luck!
@NoelLorenzanaCPA Thanks for the info.
You're Welcome! :)
So, I sold 6000 worth of old collectables to clear my house and now im getting taxed for it? That's crazy.
Sorry to hear about that. Be sure to factor in your costs.
@@NoelLorenzanaCPA how do you report the cost of goods for example. I made 21k in ebay sales but. I had to buy the product I sold for 10.5k ?
I sold $19,000 worth of games in my NBA Season Ticket package, but I don't know which games I went to so it's a real big headache to get this done right. Selling something you had for 5 years is going to be treated as pure profit unless you can find the receipt. This is totall BS. Buck Fiden! He really did raise taxes on certain people a whole lot.
Noel I received a 1099-K showing on 1A for 7686.02, but I only received 5,431.90
from Ticketmaster. I called Ticketmaster and was advised they are required to show the total gross on 1a which includes all fees the seller was charged and also the fees that buyer paid. So what is happening here is the Money I received does not match the total on 1a. hopefully the tax app will explain????
I heard you say make sure the Money received should match 1a?
Yes, the gross amount should be what you report on your tax return on the top line. This helps to prevent IRS matching errors. If applicable, list out and deduct your expenses to get to the true 'net figure'. Make sense?
I reacted before I started my return, once i started the Tax act program talked me to complete my return.
I received 1099-k for the first time as a foreign LLC owner, what's the implications, am I going to pay tax now as a alien?
I received a 1099k for 2024 the gross income says 2300 do I report it ?
Yes, you need to report it.
I'm a contractor and made $1800 paid through PayPal. My overall PayPal was less than $5000 per year. Unlikely I will get 1099K. However, my employer doesn't file 1099 NEC on me. So how do I report my income on my taxes?
Regardless of receiving a 1099-K, you would likely report your contractor income on Schedule C - Profit or Loss from Business.
What about uber drivers? Does the same amount apply under 5k no 1099?
what about online with 500+ transactions per year? were really expected to have a line for each of these transactions and calculate all this? I have the documentation in my notes for how much I made on each item but I don't have the date acquired and date sold and all that... this is absurd to expect all this of someone. and to manually enter thousands of transactions?
So ebay I sold everything at a loss from what I purchased them for why do I need to pays hundred on taxes for them
If sold at a loss, then no taxes need to be paid, but proper reporting needs to be done to accomplish this. Watch my 1099-K playlist to learn how.
I've received a 1099-k for the first time but never sold anything all I have is cash app and send money to family and receive money from family in time of need both ways can you plz explain what should I do
Who’s it from and what’s it say?
It's a letter I received from Block,lnc f/k/a square,Inc,
Instructions for payee
What is the amount reported?
I thought the $600 was for 2026, and for the year 2025, it will be $2500??
Yes that is correct
How much i will be paying 1099-NEC for $37895
ebay said it was 2500 in 2025
OMG, thanks for pointing that out. Apparently the IRS just made this revision in November.
IRS is coming for your lunch money!
I CANT. WEATWHAT PRESIDENT TRUMP'S GOT CHANGING