Here are the 1099-K instructions for a couple of common scenarios. How you report the income will depend on why you received it. How do I report 1099-K income on my tax return? Generally, if you’ve made a profit, it’s possible you’ll owe taxes. This will largely depend on your situation. If you received Form 1099-K for items you’ve sold (like a vintage record or grandpa’s antique watch), goods related to your hobby, or goods or services related to your business, there’s a bit more math and review involved. No matter what triggers your form, H&R Block can help you report income from your 1099-K. The other will go to the IRS as a record of your transactions.Īdditionally, it’s good to keep in mind not all 1099-K transactions are alike, and the tax treatment can vary. One is for you, so you can prepare your taxes.

The platform or app you used will send two copies of your 1099-K information. What is a 1099-K used for? What do I do with it? Depending on the options available from the platform, you may receive the 1099-K electronically or in the mail. The form will cover all transactions made during the previous tax year. Platforms will send your 1099-K by January 31 each year. File with a tax pro When are 1099-K issued?

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