Werner: Why that eBay Sale May Be Reportable | Quick Tax Tip

New 1099-K reporting rules mean your eBay, Etsy, or other online sales could land on the IRS’s radar—even if you’re just cleaning out your garage.

Quick Tax Tip
With Art Werner
CPE Today

If you’ve been selling old collectibles, furniture, or other personal items on eBay, you might think of it as a quick way to make cash, not something that belongs on your tax return. But according to tax guru Art Werner, new reporting thresholds for 1099-K forms are changing that, and the IRS could already have your sales data in hand.

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“In the past, the threshold for receiving a 1099-K from a payment processor or credit card company was $20,000,” Werner explains in the latest episode of Quick Tax Tip. “If you didn’t hit that threshold, you wouldn’t get the form, and frankly, no one was looking.”

That’s no longer the case.