Fanatics Collect 1099 tax forms?

[JoshMN]

Originally Posted by Siberian13

Lots of free apples?

And free deaf person meat, if that's how you roll.

Also, I forgot to add: the deaf person is a certified public accountant.

[Jaysabz]

I only cashed out $1,900 from COMC in 2025, but still got a 1099-K in the mail from them last week.

[asujbl]

Originally Posted by Jaysabz

I only cashed out $1,900 from COMC in 2025, but still got a 1099-K in the mail from them last week.

Because every post that says otherwise is made up

Anyone can issue you a 1099 if they want… for $600 or $6,000,000

Reducing paperwork isn’t a way to skirt taxes

Unless you’re that psycho above

[Jaysabz]

Originally Posted by asujbl

Because every post that says otherwise is made up

Anyone can issue you a 1099 if they want… for $600 or $6,000,000

Reducing paperwork isn’t a way to skirt taxes

Unless you’re that psycho above

Were you referring to me?

I'm def declaring it.

[asujbl]

Originally Posted by Jaysabz

Were you referring to me?

I'm def declaring it.

My boy Josh

Definitely not you. Haha

[JoshMN]

Originally Posted by Jaysabz

Were you referring to me?

I'm def declaring it.

He was totally referring to you. Only psychos ask for tax advice from anonymous randos on the internet.

[jacksonjj]

Just remember. You paid more in cash for it than what you sold it for, and let the accountant doing your taxes know exactly how much cash you paid for it.

[asujbl]

Originally Posted by JoshMN

He was totally referring to you. Only psychos ask for tax advice from anonymous randos on the internet.

I’m not an anonymous rando and anyone that knows anything about Blowout knows this

But keep on keeping on person that no one cares about

[livfreely]

Originally Posted by jlzinck

If you sold a 20K item through Fanatics and do not claim it I HOPE you like orange

Oh please

How much did you buy the $20k item for? Don’t forget to deduct cost to procure.

.gov isn’t sending you to jail for a Fanatics sale of $20k


Sent from my iPhone using Tapatalk

[Fenway55]

Originally Posted by livfreely

Oh please

How much did you buy the $20k item for? Don’t forget to deduct cost to procure.

.gov isn’t sending you to jail for a Fanatics sale of $20k

You're not going to go to jail.

But if you don't account for the money, that's a damn good way to get audited and have to pay fines.

The government will consider 1099-k monies as income unless you specify in your tax return that it is not. IOW, you account for it by presenting, say for example, cost of goods sold.

[JoshMN]

Originally Posted by asujbl

I’m not an anonymous rando and anyone that knows anything about Blowout knows this

(LOL)

[boxbuster7]

Fanatics Collect is a strange platform. I'm not surprised at all this fell through the cracks. Customer Service there is pretty much non existent.

[asujbl]

Originally Posted by JoshMN

(LOL)

Weak attempt

[asujbl]

Originally Posted by Fenway55

You're not going to go to jail.

But if you don't account for the money, that's a damn good way to get audited and have to pay fines.

The government will consider 1099-k monies as income unless you specify in your tax return that it is not. IOW, you account for it by presenting, say for example, cost of goods sold.

Pretty good

[eastbayak]

Originally Posted by tjforce

The real trick is investing in later year silver Kabooms and Downtowns of non-superstar players.

That way, when you eventually sell for a major loss, you won't owe the government nothin!

Or selling the desired single as a lot so you can include a bunch of base cards from expensive products and drive up the cost-basis aka lower profits and/or take a loss.

[frenchquarter]

Originally Posted by BenXCrunner1

You won't go to prison, you would just get a tax notice from the IRS, likely an automatic notice for an income mismatch if Fanatics did file a 1099. The IRS has significant staffing shortages and isn't super interested in your 20k card sale.

3 years ago, my granddaughter, who had graduated from college in May and worked the remainder of the year, paid her tax bill of $201. She paid it on line through the link that was provided by her tax person. A few months later, she received a letter from the IRS telling her that she needed to pay the $201. I helped her send in copies of her checking account that showed that the payment had been made, the money had been deducted from her checking account, and we figured that would be the end of it.

The IRS moves very slowly, so 2 months later she receives another notice that they haven't received payment. So, we sent in the info again. Then, 3 months later, she received a notice from the IRS that they were turning the $201 over to a collection agency to get their payment. We were tired of messing with it, so I paid the $201 for her.

So, if you think the IRS isn't going to spend a lot of time and energy to look at your $20,000 sale, you are sadly mistaken.

[cruiserdaddy7]

Originally Posted by Jaysabz

I only cashed out $1,900 from COMC in 2025, but still got a 1099-K in the mail from them last week.

I still haven't gotten my 1099 from them.

[Jaysabz]

Originally Posted by cruiserdaddy7

I still haven't gotten my 1099 from them.

I think you can download it too if it doesn't come by the time you do your taxes.

Also, I'd it possible you have an old address on file?

[Jaysabz]

Originally Posted by frenchquarter

3 years ago, my granddaughter, who had graduated from college in May and worked the remainder of the year, paid her tax bill of $201. She paid it on line through the link that was provided by her tax person. A few months later, she received a letter from the IRS telling her that she needed to pay the $201. I helped her send in copies of her checking account that showed that the payment had been made, the money had been deducted from her checking account, and we figured that would be the end of it.

The IRS moves very slowly, so 2 months later she receives another notice that they haven't received payment. So, we sent in the info again. Then, 3 months later, she received a notice from the IRS that they were turning the $201 over to a collection agency to get their payment. We were tired of messing with it, so I paid the $201 for her.

So, if you think the IRS isn't going to spend a lot of time and energy to look at your $20,000 sale, you are sadly mistaken.

The IRS is most likely to go after folks they think can't afford to fight them in court

[KGD54]

The threshold to for a business to mandatory issue a 1099 for 2025 was $20,000 AND 200 transactions. If you have an ebay store and complete 199 transactions and $30,000 you are not getting a 1099 as you did not complete the 200 transactions. The 1099 reporting threshold has changed over the years as it used to be 20k/200 transactions then was lowering each year, before the "big beautiful bill" changed it back to 20k/200 transactions.
If you do receive a 1099 for your collecting, i recommend filing a schedule C form and documenting your collecting expenses including travel to shows, milage for card business, writing off your card room if you have that room for business purposes only. More importantly keep your receipts for your ebay purchases for the year (ebay has software which can create a spreadsheet showing all your purchases or sales for the year). Also, keep all receipts from grading, purchases, copies of checks, paypal receipts, shipping receipts (i use pirate ship which i can track for the year).
I create a folder on the computer and put all my receipts as documents in the folder, takes time however the IRS does not play around, and you need documents to prove whatever you are trying to claim.
It's important you do things correctly the first time as the IRS fees and interest get very costly and usually, they are not going to contact you until 1-2 years after you file. I had a tax "pro" file taxes a few years ago and i got a letter 2 years later from the IRS, i amended the return and all was okay but it did cost me time, money and stress.
If anyone read all that, i am NOT a tax pro or accountant, I do have an MBA and understand finance and some tax law. I pay more than my "fair share" as the IRS are not the people I want to receive mail from.

[Jaysabz]

Originally Posted by KGD54

The threshold to for a business to mandatory issue a 1099 for 2025 was $20,000 AND 200 transactions. If you have an ebay store and complete 199 transactions and $30,000 you are not getting a 1099 as you did not complete the 200 transactions. The 1099 reporting threshold has changed over the years as it used to be 20k/200 transactions then was lowering each year, before the "big beautiful bill" changed it back to 20k/200 transactions.
If you do receive a 1099 for your collecting, i recommend filing a schedule C form and documenting your collecting expenses including travel to shows, milage for card business, writing off your card room if you have that room for business purposes only. More importantly keep your receipts for your ebay purchases for the year (ebay has software which can create a spreadsheet showing all your purchases or sales for the year). Also, keep all receipts from grading, purchases, copies of checks, paypal receipts, shipping receipts (i use pirate ship which i can track for the year).
I create a folder on the computer and put all my receipts as documents in the folder, takes time however the IRS does not play around, and you need documents to prove whatever you are trying to claim.
It's important you do things correctly the first time as the IRS fees and interest get very costly and usually, they are not going to contact you until 1-2 years after you file. I had a tax "pro" file taxes a few years ago and i got a letter 2 years later from the IRS, i amended the return and all was okay but it did cost me time, money and stress.
If anyone read all that, i am NOT a tax pro or accountant, I do have an MBA and understand finance and some tax law. I pay more than my "fair share" as the IRS are not the people I want to receive mail from.

Issue is certain places are issuing the 1099s even though it isn't mandatory after the Big Beautiful Bill.

Some places put processes in place to report anything over $600, which was the law pre-BBB, and are using them.

So while you SHOULD voluntarily report any sales of cards as income, you weren't going to get a 1099 unless it was over X transactions or $600, now upped to X transactions or $20k.

But if you get that 1099 (or it is made electronically available to you), even for say $900, even though its now under the new mandatory issuance dollar amount for the 1099, but you get it anyway, you're rolling the dice if you ignore it and dont report it as income.