![]() ![]() You can claim your expenses directly related to your business, lowering your income reported on Form 1099-K. Don’t worry about paying taxes on the entire amount reported on Form 1099-K. One thing to remember is if you are self-employed, you are always supposed to claim your self-employed income regardless of the amount and if your net income is $400 or more you are supposed to file a tax return reporting your self-employment income, since you need to pay self-employment taxes. ![]() If you are an online seller selling on platforms like Ebay, Airbnb, Etsy, and VRBO with sales at the aggregate of more than $20,000 and more than 200 transactions you could also receive a form 1099-K even if you do occasional sales and consider it a hobby. If you are a creator, influencer, rideshare driver, work a side gig or other self-employed business and you accept credit, debit, or prepaid cards you may receive Form 1099-K, reporting self-employment payments processed by the third party if you have aggregate payments exceeding $20,000 and more than 200 transactions.
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