4 ms·
1099K is not income, just transaction volume. I had 1099K with $1M worth of transactions from CoinBase, which generated only like $10k of profit.
by coolspot 4y ago
1099K is not income, just transaction volume.
I had 1099K with $1M worth of transactions from CoinBase, which generated only like $10k of profit.
- prirun 4y agoBut I think a lot of ordinary people selling stuff on eBay will get this form and think "I have to report this to the government as income." And in fact, what I read about it is that if it isn't all income, you write a note about it when you file your taxes. How many people are going to know to do that? Unless you have actually run a business or are doing $1M transactions, you probably won't understand that selling some used junk doesn't require paying taxes on the "income".