1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

1099K and high volume/low price sales

Discussion in 'Ebay' started by epimetheus039, Jan 5, 2014.

  1. epimetheus039

    epimetheus039 Jr. VIP Jr. VIP

    Joined:
    Nov 1, 2013
    Messages:
    128
    Likes Received:
    14
    Location:
    Canada
    Hello everybody. I have been reading a lot about 20,000 sales AND 200 transactions on these forums and many other ones but yet havent found exact answer just rather a slight assumption on when to expect 1099k form to be sent out. I have talked to some vets over on these forums, which gave me a better view on this whole picture but yet havent exactly answered my question. I am aware of "projectile sales" as well. So, I basically sell 10-25 dollars worth items, my accounts are business, and limits are 100/5000 at the start. And I basically fill out all 100 transactions with 1,300-1,800 per month. I am planning to lower my $ transaction limit to 1000 a month and 50-70 transactions. Yet If I were to use the account for the whole year it would only give me 12,000 BUT 600-840 transactions, so my question "has anyone who has done this scheme with high volume/low price been hit with 1099k? And if YES, then at what point of time and what were your SALES and TRANSACTIONS at ?" I am aware of "projectile sales" but if you are keeping amount of money on a monthly basis at lowest (1000 in my case) that isnt supposed to trigger 1099k form, right? I am very sure this topic will be helpful to plenty of members as I myself who had spent hours and hours looking for answer couldnt find exact answer.
     
  2. epimetheus039

    epimetheus039 Jr. VIP Jr. VIP

    Joined:
    Nov 1, 2013
    Messages:
    128
    Likes Received:
    14
    Location:
    Canada
  3. soda9

    soda9 Newbie

    Joined:
    Dec 14, 2013
    Messages:
    12
    Likes Received:
    1
    Just to start, and this may not be in the realm of what you were hoping, but just because you don't receive a 1099 doesn't mean you're not supposed to be reporting it. This is especially concerning if you have quite a few incomes that are bordering on being reported with a 1099. I would assume if you're in this situation, and especially if you're in the US, that you need to be reporting no matter what you're earning. It doesn't matter how you generate the income (white or black), but the end result (earnings reporting) should be legit. If you don't you're setting yourself up for failure with hefty fines, deportation, maybe death. Just kidding on the two D's but unless you're going for an in and out method you most likely will be screwing yourself.

    Of course I'm no expert.