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re: Tax experts: If I reported 1099 income
Posted on 10/27/25 at 11:16 am to tygerfan1
Posted on 10/27/25 at 11:16 am to tygerfan1
quote:
They went back to the original $20K to report ticket sales, or whatever you're selling, retroactively. It will still be 20K going forward unless they change it back again.
A bit misinformed here. That revision only pertains to Form 1099-K which is used to report total payments received from credit/debit cards and/or third party payment apps. It’s not the same as a 1099-MISC or 1099-NEC.
Just because it is not required to be reported on 1099-K does not mean it is not required to be reported on your tax return. If you sold tickets for $15,000 and made a net profit, you need to report $15,000 less the cost of the tickets. If you sold them at a net loss, then you do not have to report the income.
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