Fear the 1099 or Please Pay me F&F 1 1

[shadroch]

4 minutes ago, Math Teacher said:

Honestly, unless it's a high-end or classic car, how many people make a profit from the sale of a car?

More than a few, less than a bunch.

[jsilverjanet]

On 7/14/2021 at 10:50 AM, Buzzetta said:

He and I do not always see eye to eye but he knows I will not hump

[skypinkblu]

17 hours ago, Math Teacher said:

This is the information I got from my congresswoman's aide. I'm not sure that this is a definitive answer, but this person is more likely to know than most board members.

Hi Joe,

Thanks for your question on the thresholds for 1099-K forms. My understanding is that the threshold was lowered for these Third Party Settlement Organizations like Ebay – but that should go into effect for the 2022 tax year, not this year. So, the forms you’d expect for 2021 operations should remain the same, but that will shift next year. I hope that answered your question, and please let me know if there’s anything else I can help with.

Thanks,

Will Garrity Binger
Legislative Assistant
Congresswoman Cindy Axne (IA-03)

I don't know what State you live in, but it appears this may vary from State to State?  Some States have opted in to the lower threshold already. So once again, people should contact their tax professionals to make sure they have the correct information.

[Math Teacher]

4 hours ago, skypinkblu said:

I don't know what State you live in, but it appears this may vary from State to State?  Some States have opted in to the lower threshold already. So once again, people should contact their tax professionals to make sure they have the correct information.

I was only looking into the Federal aspect. I can contact the Iowa Department of Revenue to see how this works in Iowa.

[Xenosmilus]

Does Comic link currently 1099's to the IRS?