IRS Updates Frequently Asked Questions on 1099-K Forms

The IRS on Wednesday added two new items to its frequently asked questions about 1099-K forms.

One of the items addresses what taxpayers should do if they received multiple 1099-K forms that were received by mistake or report proceeds when they sold personal items at a loss. The IRS said taxpayers can report information from each 1099-K separately on their tax returns or they can combine the 1099-K forms. The other new FAQ item relates to reporting amounts on tax returns from 1099-K forms received in error.

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