Form 1099-K reports payments received through cards or third-party networks. It's crucial for tracking online sales and digital transactions.
For 2023, the reporting threshold remains $20,000 and 200+ transactions for personal accounts. Be aware of potential future changes.
Personal items sold at a loss aren't deductible. Report the sale but offset it to avoid overstating income.
Gains from selling personal items above their original cost are taxable. Use Form 8949 and Schedule D to report these profits accurately.
Don't mix personal and business transactions. Report all income, regardless of thresholds. Understand the tax implications of your sales.