Laura Saunders

speaker

5,937 appearances 109 recordings 1 series first heard Jul 2017 last heard Nov 2024

Laura Saunders’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · You May Owe Taxes on Your Online Sales · 25 Jan 2024 podcast

and selling some designer luxury items on Poshmark. matched

But they won't be sold for original costs or at a profit. matched

They're sold at a discount, so you don't have a profit. matched

And there is no tax due. matched

And this is a very confused world. matched

It goes on as other income on your tax return. matched

And there's a system for that. matched

And the software providers will ask you about it. matched

So really reporting it is not hard. matched

The deciding to report it is a different thing. matched

We have this form. matched

It's called Form 1099-K. matched

It's one of a lot of Form 1099s. matched

And these forms report income both to you and to the IRS from a third-party payer like eBay or Ticketmaster. matched

So they will just report the gross income, and then it's up to you to put it on your tax return. matched

But 1099-K, it's like an enforcement mechanism so that you don't, quote, forget some income. matched

The platform fills out the form. matched

They send a copy to you and a copy to the IRS. matched

No, there's no withholding on these payments. matched

That's why we have 1099 forms. matched

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