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Do we get a choice? | Forum

Topic location: Forum home » Support » General Questions

I wonder how many AACA members like me buy and sell antique auto parts all year round? We buy at Hershey, we sell at Hershey, we buy at Carlisle, we sell on eBay. You get the idea.

So now eBay and PayPal are sending us 1099-K. We were told their sales threshold would be $20,000 and their sales volume would be $200; but now it looks like it has been changed to $600. So very few of us have met the latter, but many of us are getting to know the new one. Some states have already set a lower threshold.

Perhaps we have a tax expert or several experts here. Could you give us some tips?

Mike Stoner Mar 31 '23

I stumbled upon this thread and thought I'd chime in. Death and taxes, am I right? Unfortunately, we don't get a choice on either of those things.
But on the topic of taxes, I feel your pain. eBay and PayPal sending us 1099-K forms is a real pain in the you-know-what. And the fact that they lowered the threshold to $600 sucks even more. But hey, at least it's not as bad as some states that already had that lower threshold, am I right?
As for pointers, I'm no tax expert, but I do know that keeping good records is key. Make sure you're tracking all your sales and expenses throughout the year. You can use printable pay stubs to do that which is pretty convenient.

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