OfferUp partners with Stripe, a secure payment processing service, to allow you to get paid for shipping sales in the app. During the calendar year, Stripe keeps track of your earnings from online sales. If you receive more than $20,000 and have over 200 transactions for the year, Stripe reports your earnings to the Internal Revenue Service (IRS). Stripe also sends you Form 1099-K for your income tax return. To learn more, see our FAQs below.
FAQs
Form 1099-K is an informational IRS form that summarizes your payment transactions made through third-party payment processors (like Stripe). The form is intended to assist you in reporting your taxes. For more information on Form 1099-K, see IRS.gov: Understanding your Form 1099-K and 1099-K forms issued by Stripe.
If you received payments through Stripe totaling more than $20,000 and had over 200 transactions during the calendar year, you can expect to get Form 1099-K.
NOTE
On November 21, 2023, the IRS announced that the 1099-K filing threshold will remain at $20,000 and 200 transactions for tax year 2023. See the full IRS Announcement.
Your Form 1099-K will be mailed to you by January 31 via USPS First-Class Mail. If you don’t receive your 1099-K in the mail by the end of February, tap Contact Us at the bottom of this page for assistance.
If you qualify to receive Form 1099-K, it will be mailed to the most recent address that you provided through the OfferUp taxpayer notification.
OfferUp sends you the taxpayer notification at specific times throughout the year, like when you reach $600 in lifetime shipping sales. This notification asks you to provide Stripe with your taxpayer information, including your current address and Social Security Number. For more info, see Personal data required for in-app payments.
If you need to update your address at the end of the calendar year, but haven’t received a notification to do so, please contact Stripe Support for assistance.
No. At this time, we are unable to provide Form 1099-K by email.
No. In-person cash sales facilitated by OfferUp are not tracked for Form 1099-K reporting purposes. Stripe only tracks sales completed through OfferUp’s shipping service.
For questions on reporting your cash sales, please contact a qualified tax advisor.
If you met the $20,000 revenue threshold and had over 200 transactions during the calendar year, you may need to report your income from OfferUp sales on your tax return. If so, use the information provided on Form 1099-K to help you complete your tax return. To learn more, see IRS.gov: What to do with Form 1099-K.
Tip!
If you’re unsure if you need to report your 1099-K income on your tax return, please seek the assistance of a qualified tax advisor.
Please contact Stripe Support to correct any mistakes on your Form 1099-K.
Please contact Stripe Support to request a replacement Form 1099-K.
Comments
0 comments
Article is closed for comments.