A warning from someone who learned the hard way - if you're selling on multiple platforms, they ALL count toward that $600 threshold! I was selling on eBay, Mercari, and Facebook Marketplace thinking each platform had its own separate $600 limit. Nope! You have to combine all your sales across all platforms. Also, some payment processors like PayPal or Venmo might send separate 1099-Ks too. I ended up with THREE different 1099 forms for what I thought was a small selling hobby. The IRS computer systems match these forms to your tax ID, so don't forget to report all of them!

I totally get the frustration @Rebecca! I was in the same boat last year - just wanted to declutter and make a few bucks, then suddenly I'm drowning in tax forms. Here's what I wish someone had told me from the start: keep it simple but organized. Create one spreadsheet with columns for: item sold, what you paid for it originally, sale price, shipping costs, and platform fees. That's literally all you need. The good news is you're only taxed on actual profit, not gross sales. So if you bought something for $20, sold it for $35, and paid $3 in fees, you only owe taxes on $12 profit. All those scary 1099 forms just show gross sales - they don't tell the full story of what you actually made. Don't let the complexity scare you away from selling! Just start tracking everything now and you'll be fine next tax season.

Has anyone noticed that the IRS letters this year are super delayed? I just got my Letter 6475 last week even though they were supposed to mail them out in January!!!

I had the exact same confusion with Letter 6475 last year! The key thing to understand is that when you're married filing jointly, you DO need to add both amounts together. Each spouse gets their own letter showing their individual portion of the Economic Impact Payment, but since you're filing as one household, you report the total combined amount. So if both your letters show the same dollar amount, that means you each received that amount individually - add them together for your joint return. This is totally normal and the IRS expects married couples to combine these amounts when filing jointly. One tip: keep both letters with your tax records in case the IRS ever asks for documentation. And don't worry about triggering an audit over this - as long as you report the correct total amount you actually received, you'll be fine!

Called IRS yesterday about this exact thing. They said 4-6 weeks is standard wait time for paper check after DD rejection. But tbh could be faster depending on your location

Same thing happened to me last year. Took about 3 weeks after the rejection for the paper check to arrive. The annoying part is WMR doesn't update very clearly when they switch to paper check - it just keeps saying "being processed" until it's actually mailed. Hang in there, it should come soon since you're already at the 2 week mark!

Just FYI, the 1099-K threshold was supposed to drop to $600 for 2023, but the IRS delayed it. For 2023 tax year (filing in 2024), the reporting threshold is still $20,000 and 200 transactions. They announced they're using 2023 as a transition year. However, for 2024 (filing in 2025), the $600 threshold is supposed to take effect. So you might not get a 1099-K this year, but expect one next year if you continue receiving payments through Venmo.

Don't forget you can actually deduct your gambling losses up to the amount of your winnings, but ONLY if you itemize deductions on Schedule A instead of taking the standard deduction. And you need to keep good records of both your winnings AND losses. For most people, the standard deduction ($13,850 for single filers in 2023) is higher than their itemized deductions would be, so it doesn't make sense to itemize just to deduct gambling losses. You'd need enough other deductions like mortgage interest, state taxes, and charitable donations to make itemizing worthwhile.

just fyi transcripts update every tuesday morning if ur checking refund status

Another option if you're having trouble with online access - many public libraries and tax prep offices have computers set up specifically for accessing IRS transcripts. The librarians are usually pretty helpful if you get stuck on the verification steps!