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Get your taxes done using TurboTax
Dave20 (20 plus year user of TurboTax!)
I am filing 2021 taxes using TurboTax Delux cd on my desktop. I received a 1099-K because I sold two expensive items of on ebay for a total of $1070. The actual original cost was $2,650. I am not in business, this was like a one time garage sale. The 1099-K "Instructions for Payee" says was issued because "I received payments that exceeded $20,000 gross reportable transactions and an aggregate number of transactions exceeded 200 for the year."
This is obviously not true, and I suspect that Ebay just getting ready for 2022, and sent 1099-Ks to everyone.
Question: Since the American Rescue Plan change (below) begins with transactions starting January 2022, so it doesn’t impact 2021 taxes, am I correct that I am not required to report this 1099-K under the year 2021 rule: $20,000 and 200 transactions criteria? Do I just keep the 1099-K with my 2021 tax records?
If I am required to report, and I report it under misc. income using the 1099-K numbers, do I reference the 1099-K, if so, how?
" American Rescue Plan change begining with transactions starting January 2022, so it doesn’t impact 2021." taxes.