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I received 1099-K for Etsy, Square and PayPal sales. There…

I received 1099-K for...

I received 1099-K for Etsy, Square and PayPal sales. There were 14 sales totaling approx. $10,000. These are below the stated minimums of 200 transactions and $20,000 gross sales. Do I have to report these 1099-k forms?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I'm using Turbo Tax.

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Answered in 1 minute by:
3/11/2018
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,969
Experience: IRS licensed Enrolled Agent and tax instructor
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HI. My name is ***** ***** I will be happy to he you.

What were you selling?

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Customer reply replied 5 months ago
Musical Instruments
Customer reply replied 5 months ago
No, Too much.

What "no, too much"

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Customer reply replied 5 months ago
No thanks.

???

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Customer reply replied 5 months ago
$52 is too much.

Oh, you are referring to the phone call request, you can ignore it, it was generated by the website.

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Customer reply replied 5 months ago
BTW. my total revenue is greater than the total of the three 1099-Ksdue to cash sales

If you are generating revenue by selling your own musical instruments or reselling ones you purchased somewhere else, you will report your total revenue on Schedule C and you can deduct your expenses. As long as the 1099K is less than your total revenue, you are fine. The 1099K does not report your revenue (Paypal has no way of knowing what is your actual revenue), it reports what you received through paypal sales.

emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,969
Experience: IRS licensed Enrolled Agent and tax instructor
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