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-NoLongerValid- t1_j25acux wrote

> How does 'not' getting the 1099k sent to you this year take a load off your shoulders?

The small time flippers get to cheat on their taxes for another year with no real way of getting caught. And more importantly the Average Joes that that use those services for stuff that doesn't generate any tax liability should have a way to designate such transactions one the guidance is issued.

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sprinklesnglitz OP t1_j25bbmj wrote

Well what I mean is, what is the financial benefit of a 1099k vs a schedule C or whatever? Is the tax advantage better than if you were to be sent a 1099k?

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-NoLongerValid- t1_j25d2zr wrote

The 1099k is sent to both you, and the IRS. If you don't get a 1099, the IRS doesn't know about the income... If the IRS doesn't know about the income, they aren't going to know if you fail to declare it when you file; if you catch my drift.

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