Every year, the United States IRS requires that SidelineSwap provide a form called a 1099-K for each SidelineSwap account that meets all of the following criteria in the previous calendar year:
The account is based in the United States (Owners do not need to be US citizens.)
More than $20,000 USD in total gross volume
More than 200 charges
If you are a resident of Massachusetts or Vermont and your gross sales volume is more than $600, you will also be provided a 1099-K form.
Please note that gross sales include shipping costs and fees. It also included completed and canceled sales.
The 1099-K is a purely informational form that summarizes the sales activity of a seller's account and is designed to assist a seller in reporting their taxes. SidelineSwap will send you a mailed and electronic copy of your 1099-K by February 1st if you qualify.