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.
The 1099-K reports the gross amount of all completed and canceled transactions, including shipping costs, taxes, and fees. 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.