Watches, 1099-K and $600?
Any tax accountants out there? Not to long ago I learned of the new rules for income reporting on a 1099-K form. From what I can tell, new for 2022, if you receive +$600 in "income" through credit card sales, e.g the sale of a watch on eBay, you'll get a1099-K form and have to report this on your taxes. My question is, am I right? What is the purpose of this? Does it affect my AGI? Thought this might be relevant for those of us who buy and sell watches throughout the year.
My biggest dilemma is my wife does our taxes.. and has no idea how much I spend on watches.
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Bryan
Welcome to my WatchCrunch profile.
Gig Harbor, WA
Member since
Last active: 3 months ago
My wife does our taxes too. I'm no CPA. If you get paid $600 or more, you'll get a 1099 and it's taxable. You might want to double check.