If you received an IRS form 1099K for some personal stuff you sold online, then you might be wondering how to report Form 1099K on Tax Return. Watch the video to have the 1099K explained.
You may be confused, because this form is normally for businesses, but starting in 2022, the reporting threshold changes significantly, from $20,000 dollars and 200 transactions to a much lower reporting threshold of $600.
In this video, I’ll show you how to report it on your tax return, with an example, from an actual 1099K form to how to show that on an actual individual tax return.
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Do you have questions about 1099K Confusion Part 2 | How to Report on Tax Return? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
