If a taxpayer receives a Form 1099-K for selling personal use items, those sales must generally be disclosed on Form 1040. This tutorial reviews a Form 1099-K scenario and how to enter information into TurboTax.
If a taxpayer receives a Form 1099-K for selling personal use items, those sales must generally be disclosed on Form 1040. This tutorial reviews a Form 1099-K scenario and how to enter information into TurboTax.
The IRS has placed a hold on the new Form 1099-K reporting requirements for many personal use transactions. This video details those changes and what taxpayers need to know.
The Coinbase cryptocurrency exchange was historically using the Form 1099-K to report gross proceeds from trading cryptocurrency. Coinbase has since discontinued using Form 1099-K and will now use the Form 1099-B.
When an individual sells a personal use asset, any gain recognized on the sale is taxable and reported on Form 1040. Losses are not deductible. Payment processing companies are now issuing Form1099-K to report the sale of personal use items.
The IRS Form 1099-K reporting thresholds and requirements have been expanded and will now impact millions more taxpayers. So, what are the rules and what do you need to do if you receive a Form 1099-K?
The IRS Form 1099-K is an informational return that reports gross payment transactions. Depending upon the nature of the transactions, there are various ways to report this information on a taxpayer's Form 1040.
The Form 1099 is filed by businesses to report certain types of income paid to taxpayers. If a taxpayer did not receive a Form 1099 when they were supposed to, they have a few options.
The Form 1099-K is used to report gross payment card transactions. If you personally received a Form 1099-K, there are several reporting methods depending upon the character of the income.
