IRS Pause on taxes for eBay sales
Dear Terry
We sold our house this year and had a big estate sale. The company that ran the estate sale said they would have to send a 1099-k for the proceeds. Does the recently announced IRS pause on some transactions apply to us?
Thank you
Terry Says
Sales over $20,000 total still must be reported. But you likely won’t have taxable income. It was an estate — so the value of the things you sold was the value on day of death. (It’s called the “step-up” basis.) Assuming you sold them in the same year, you won’t have any gains! Your accountant will show you how to report that if you have over $20,000 in proceeds.
