True" eBay is going to ask you for your social security number or federal ID number, so that needs to match however you're reporting those sales. In this video, we're going to talk about the new rules for eBay and the 600.1099K for sales. We did a separate video that included eBay, cellular PayPal, etc., but this one will strictly focus on eBay. So, what's the big change between last year and this year? Now, if you're selling anything on eBay as an individual, whether it's from your house or business, if you sell over $600 through eBay, they will send you a 1099K at the end of the year. I understand that this year, when you reach $600, eBay is going to ask you for your social security number or federal ID number, so that needs to match with how you're reporting those sales. Once you reach that threshold, you must be prepared to provide them with your social or federal ID number, and know that this information will be reported to the IRS. Hence, even if you're selling your kids' clothes, it will still be reported if you're selling through eBay. Additionally, at the end of the year, the criteria for reporting has changed. Previously, you had to have over $20,000 in transactions or 200 transactions, but now it's a cumulative $600 for the entire year. When you receive the 1099K, it will include all your sales. However, it will not include any returns or expenses, only the gross sales. Let's consider a scenario where both you and I are selling the same items. You sell the kids' clothes and bicycles because they've outgrown them, while I have a resale shop where I sell those items. Even if both of us receive a 1099K at the end of...
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