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Video instructions and help with filling out and completing when to file Form 1099-K

Instructions and Help about when to file Form 1099-K

Hey eBay sellers it's Suzanne a Wells thanks for coming back for another episode and today is January 20th 2021 and we are getting into tax time so since I spent today putting all my tax stuff together for my CPA I thought I'd make this video for those of you who don't know how to find your 1099 or 1099 K on your PayPal account so while this not be may not be the most exciting video it is necessary and this question does come up around this time every year when people are looking for these documents so before I start let me give you the disclaimer that I am NOT a tax professional and this is not tax advice always consult a tax professional about any tax questions you have about your eBay business do not take advice from people on social media while they may mean well the information they give may be outdated inaccurate or the person giving the advice may not be informed about the current tax law so I'm not giving you any tax advice I'm just telling you how to find these documents now first of all let's talk about the IRS for a minute this is coming from the IRS website under the section that says tax laws and issues for online auction sellers I will put the link to this site under the video so you can you know when you have insomnia you can go over there and read some of this stuff but that's where this is coming from so from the IRS internet sales are taxable misinformation about laws such as prohibiting the taxation of Internet access and limiting sales tax on Interstate sales have led some to incorrectly believe that internet sales income including online auctions is not subject to income tax if you are an online auction seller you may have tax responsibilities you may be subject to liabilities for income tax self-employment tax employment tax or excise tax your sales may result in capital gains non-deductible personal losses you may have ordinary business income as far as the home office deduction if you use a portion of your home for your online auction business you may be able to take a home office deduction in order to deduct expenses related to the business use of your home you must carry on a bonafide business as well as meet other specific requirements even then your deduction may be limited to qualify to claim expenses for the business use of your home you must meet both of the following tests your use of the business part of your home must be exclusive regular for your trade or business and the business part of your home must be one of the following your principal place of business a place where you meet and deal with customers in the normal course of your trade or business or a separate structure you use in connection with your trade.

FAQ

What will happen if I filed my taxes before I knew I would be receiving a1099-K form, if I DID claim the money under self employment?
In the USA if a person filed an income tax return but did not include someincome then the person would typically file an amended income tax returncalled a Form 1040X. It may be necessary to amend or add other schedules toosuch as a Schedule SE.If all income was included in the original income tax return properly andcorrectly then there probably is not a reason to amend the income tax return.httpswww.irs.govpubirspdf...httpswww.irs.govpubirspdf...