| Discussion Forum: Thread 353527 |
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| | | Author: | journey2020  | | Posted: | Feb 4, 2024 13:05 | | Subject: | Income from Bricklink sales | | Viewed: | 199 times | | Topic: | Taxes | |
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| Hi all, I was a new seller as of last year 2023. Does Bricklink send out any
form of a 1099 for sales done through them? I don't see anywhere where I
can view a copy of my 1099. I was assuming I had to pay income tax for the sales
but not sure how it works. I would believe I can deduct any shipping, supplies,
any bought lego pieces to complete sets, and any fees paid to Bricklink for the
year. Thanks in advance.
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| | | | | Author: | Caroline77 | | Posted: | Feb 4, 2024 13:19 | | Subject: | Re: Income from Bricklink sales | | Viewed: | 56 times | | Topic: | Taxes | |
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| In Taxes, journey2020 writes:
| | Hi all, I was a new seller as of last year 2023. Does Bricklink send out any
form of a 1099 for sales done through them? I don't see anywhere where I
can view a copy of my 1099. I was assuming I had to pay income tax for the sales
but not sure how it works. I would believe I can deduct any shipping, supplies,
any bought lego pieces to complete sets, and any fees paid to Bricklink for the
year. Thanks in advance.
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Bricklink does not. PayPal and Stripe should have a 1099 available. I checked
PayPal yesterday and they did not have one available yet (but they also never
sent one to me last year even though I was far above the threshold to file, so
I had to do it manually.)
Yes, you can deduct shipping and fees paid to Bricklink/PayPal/Stripe. My CPA
files it for me, I just generate the deductions and include them with the 1099.
Hope that helps.
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| | | | | Author: | peregrinator | | Posted: | Feb 4, 2024 13:22 | | Subject: | Re: Income from Bricklink sales | | Viewed: | 61 times | | Topic: | Taxes | |
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| In Taxes, journey2020 writes:
| | Hi all, I was a new seller as of last year 2023. Does Bricklink send out any
form of a 1099 for sales done through them? I don't see anywhere where I
can view a copy of my 1099. I was assuming I had to pay income tax for the sales
but not sure how it works. I would believe I can deduct any shipping, supplies,
any bought lego pieces to complete sets, and any fees paid to Bricklink for the
year. Thanks in advance.
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Any 1099s would come from PayPal or Stripe but they don't send them out below
a certain threshold (that threshold used to be $20,000, now it's lower; they
haven't to the best of my knowledge implemented the $600 threshold yet).
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| | | | | | | Author: | RecycledBrick | | Posted: | Feb 4, 2024 13:29 | | Subject: | (Cancelled) | | Viewed: | 51 times | | Topic: | Taxes | |
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| | (Cancelled) |
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| | | | | Author: | Swatson217 | | Posted: | Feb 4, 2024 13:49 | | Subject: | Re: Income from Bricklink sales | | Viewed: | 63 times | | Topic: | Taxes | |
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| I logged in to PayPal and my 1099 was there. Stripe sent me a 1099 via email
and it’s also on the site.
You will want to file schedule C for small businesses.
In Taxes, journey2020 writes:
| | Hi all, I was a new seller as of last year 2023. Does Bricklink send out any
form of a 1099 for sales done through them? I don't see anywhere where I
can view a copy of my 1099. I was assuming I had to pay income tax for the sales
but not sure how it works. I would believe I can deduct any shipping, supplies,
any bought lego pieces to complete sets, and any fees paid to Bricklink for the
year. Thanks in advance.
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| | | | | Author: | Doughboy6480 | | Posted: | Feb 6, 2024 15:50 | | Subject: | Re: Income from Bricklink sales | | Viewed: | 85 times | | Topic: | Taxes | |
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| In Taxes, journey2020 writes:
| | Hi all, I was a new seller as of last year 2023. Does Bricklink send out any
form of a 1099 for sales done through them? I don't see anywhere where I
can view a copy of my 1099. I was assuming I had to pay income tax for the sales
but not sure how it works. I would believe I can deduct any shipping, supplies,
any bought lego pieces to complete sets, and any fees paid to Bricklink for the
year. Thanks in advance.
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This is stright from Paypal:
"The IRS has recently announced an additional delay in implementing the new
$600 USD reporting threshold for goods and services transactions, reverting the
2023 requirement for Form 1099-K reporting back to the 2022 figures (total payments
exceed $20,000 USD and there are more than 200 transactions). This means that
similar to prior years, PayPal and Venmo will continue to follow these IRS reporting
thresholds. Additionally, PayPal and Venmo will file Form 1099-K for any customer
who was subject to backup withholding during 2023, regardless of total payments
for the year. In the case where an individual state has a lower threshold, PayPal
and Venmo will report accordingly.
If you live in the following US states, you’re subject to a lower reporting threshold:
Vermont, Massachusetts, Virginia, Maryland: $600 USD in gross payment volume
from sales of goods or services in a single calendar year, regardless of the
number of transactions.
Illinois: over $1,000 USD in gross payment volume from sales of goods or services
in a single calendar year and four or more separate transactions.
The Form 1099-K that you receive is based on your primary address on the last
day of the previous tax year. If you changed your primary address to one of these
states after that date, your account activity would be captured in Form 1099-K
reporting for the following tax year."
So unless you are from one of these few states, it's like it has been in
past years. Looks like some of the states are tired of waiting for the Congress/IRS
to finally lock down what the plan is and have moved forward. With more and more
online sales it was just a matter of time before this all took place.
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USA, Nebraska
