Have you received the new 1099K this year and have no idea why you received one and what you’re supposed to even do with it? Well, you’re not alone.
In this video, my viewer Dave writes:
“What’s confusing is getting a 1099K for non side hustle situations. For example: disposing of excess personal property via Ebay, personal payments to Paypal that didn’t involve sales/services, etc. IE “How to report 1099K’s that are not side hustle related”. A lot of taxpayers will be in for a nasty surprise when Ebay, Paypal, etc start sending 1099k’s next year.”
In this video, I’ll answer these important questions, because it’ll catch a lot of people by surprise. And, I’ll show you how to report the new 1099-K on your tax return, along with some real world examples.
Later in the video, I’ll share my number one reason that you don’t want to ever ignore these 1099Ks.
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Do you have questions about How to Report the New 1099K on Your 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.