What Online Resellers Need to Know About the 1099-K

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What if I have UNDER $20,000 and 200 transactions but have more than 50 transactions? Do I still need to report it since I won't be getting a 1099-K?

Hilary of CA 1:21AM October 26, 2012

Good tips for online sellers. One clarification on the criteria for who receives a 1099-K. It's $20,000 AND 200 transactions.

Laura of CA 8:32PM April 13, 2012

Great Column! But it is like all others set in a perfect world where everything was set up and done correctly. What about those who didn't mean to have this amount of Sales and didn't think the hobby would turn into something that had high sales but very small margins. It seems the 1099-k is also misleading..ex. paypal provides a 1099-k and it shows your sales, what it doesn't account for is shippping cost, tax for state. So the total sent in is not correc. Which leads me to the I don't have records of all these??? what am i to do...where do i begin??

Kris of TX 5:06PM April 11, 2012