  
| Author: | Doughboy6480  | | Posted: | Feb 6, 2024 15:50 | | Subject: | Re: Income from Bricklink sales | | Viewed: | 85 times | | Topic: | Taxes | |
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| In Taxes, journey2020 writes:
| | Hi all, I was a new seller as of last year 2023. Does Bricklink send out any
form of a 1099 for sales done through them? I don't see anywhere where I
can view a copy of my 1099. I was assuming I had to pay income tax for the sales
but not sure how it works. I would believe I can deduct any shipping, supplies,
any bought lego pieces to complete sets, and any fees paid to Bricklink for the
year. Thanks in advance.
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This is stright from Paypal:
"The IRS has recently announced an additional delay in implementing the new
$600 USD reporting threshold for goods and services transactions, reverting the
2023 requirement for Form 1099-K reporting back to the 2022 figures (total payments
exceed $20,000 USD and there are more than 200 transactions). This means that
similar to prior years, PayPal and Venmo will continue to follow these IRS reporting
thresholds. Additionally, PayPal and Venmo will file Form 1099-K for any customer
who was subject to backup withholding during 2023, regardless of total payments
for the year. In the case where an individual state has a lower threshold, PayPal
and Venmo will report accordingly.
If you live in the following US states, you’re subject to a lower reporting threshold:
Vermont, Massachusetts, Virginia, Maryland: $600 USD in gross payment volume
from sales of goods or services in a single calendar year, regardless of the
number of transactions.
Illinois: over $1,000 USD in gross payment volume from sales of goods or services
in a single calendar year and four or more separate transactions.
The Form 1099-K that you receive is based on your primary address on the last
day of the previous tax year. If you changed your primary address to one of these
states after that date, your account activity would be captured in Form 1099-K
reporting for the following tax year."
So unless you are from one of these few states, it's like it has been in
past years. Looks like some of the states are tired of waiting for the Congress/IRS
to finally lock down what the plan is and have moved forward. With more and more
online sales it was just a matter of time before this all took place.
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Message is in Reply To:  Income from Bricklink sales - journey2020 (187) | Hi all, I was a new seller as of last year 2023. Does Bricklink send out any form of a 1099 for sales done through them? I don't see anywhere where I can view a copy of my [...]
(4 months ago, Feb 4, 2024, to Taxes) |
6 Messages in this Thread: Msg 1 - journey2020 (187) 4 months ago Feb 4, 2024 to Taxes
 Msg 2 - Caroline77 (1540) 4 months ago Feb 4, 2024 to Taxes
Msg 3 - peregrinator (782)  4 months ago Feb 4, 2024 to Taxes
  Msg 4 - RecycledBrick (8941) 4 months ago Feb 4, 2024 to Taxes
Msg 5 - Swatson217 (503) 4 months ago Feb 4, 2024 to Taxes
Msg 6 « - Doughboy6480 (470) 4 months ago Feb 6, 2024 to Taxes
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USA, Idaho
