IRS and eBay sales

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    Rich Hoffner
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    Just published by eBay for sellers. Revises past IRS reporting:

     

    We wanted to follow up with some additional information about how the new IRS tax reporting laws may affect you in 2022, and to let you know that this change requires us to collect Social Security numbers (SSN) or Individual Tax Identification (ITIN) Numbers from all sellers who sell over a certain threshold.

    Starting on January 1, 2022, U.S. tax reporting requirements will require all online marketplaces and businesses like eBay which process payments, to issue a Form 1099-K to sellers who receive $600 or more in gross payments. Previously, only sellers with 200 or more transactions and at least $20,000 in annual sales received a Form 1099-K. The new requirements may impact the 2022 tax return that you will file in 2023.

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