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Level 2
posted Feb 16, 2020 11:50:49 PM

If self-employed revenue and expenses average $10,000/each, causing a net $0.00 profit/loss, would there be any necessity to report findings in a 1099?

For instance, $9000 revenue from eBay, but $9000 expenses eBay in the same year.

0 3 667
3 Replies
Level 15
Feb 17, 2020 12:11:26 AM

The  IRS has the 1099's and want to see them in your return.

Level 2
Feb 17, 2020 12:27:09 AM

The online platforms utilized for buying and selling communicated that 1099s were not filed with the IRS, due to being below the threshold amount of $20k within the given calendar year, and below 200 individual transactions.

 

What 1099s are being referred to when stating that the IRS has 1099s and seek to confirm them in returns?

Level 15
Feb 17, 2020 2:04:19 AM

I misread your question as "inbound" 1099's not "outbound " ones.