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Rookie

Sales reported to IRS after 200 transactions. How do you avoid getting reported and what are the

How do you prevent the IRS from getting your sales transactions reported to them and what happens if you go over 200 sales,.are you taxed?
6 REPLIES 6
Quarterback

Re: Sales reported to IRS after 200 transactions. How do you avoid getting reported and what are the

I believe you would have to sell under 200 transactions in a calendar year to not be reported. You will receive a 1099K from StubHub and you will have to file this on your taxes. Even if you have under 200 transactions, you should probably be reporting to the IRS unless its a sale here or there.

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Moderator

Re: Sales reported to IRS after 200 transactions. How do you avoid getting reported and what are the

We wouldn't be able to provide any tax advice here. We'd recommend speaking to a tax specialist in your area as different states require different amounts to be reported. 

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New User

1099k

does stub hub file a 1099K when Sales hit $20,000?  what if my transaction amount is small, well under 200?  Also, is the reporting requirement based on the amount seller was paid or the amount of the sale?

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Moderator

Re: 1099k

Hi @tom15thave,

 

Thanks for reaching out to us to clarify the details on the 1099K filing, I am happy to help! We do file the 1099K, but only if your account reaches both 200+ transactions and over $20,000 in gross sales. The amount reported is based on gross sales, not the amount paid out. Please feel free to ask any further questions you may have and we'll get you all the information needed. 

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Zamboni Driver

Re: 1099k

One clarification please. The 200 transactions are... 200 total sales OR is it 200 payments from StubHub (Since sometimes SH will combine sale payments to a single banking transaction)?

Either way, I will follow regulations and this information will help me plan. Thank you.
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Highlighted
Moderator

Re: 1099k

Hey there @ComedyFan! From our resource, the wording is "200 paid transactions" so this would mean total sales. Please let us know if you have any other questions and good luck with your future sales!

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