Reverb's 1099-k . What a pain

[Bill McCloskey]

So, my accountant stopped by tonight to pick up our stuff and I remembered that Reverb sent me a notice about a 1099 they had for me from 2024. So of course I wait until the last minute before printing it out. yikes!!. Nearly $14k reported to Uncle Sam. So I had to go in and find all the sales, subtract reverb fees and shipping and find out what I originally bought the guitars for so I only paid tax on the profits. What a PITA!. By the time I subtracted everything, it looks like it was only a net profit of about $700.

But a good reminder: keep records of when you buy and sell guitars, particularly if you sell them on Reverb. It is a real pain to go back in to old SGF posts and find out what I paid originally for these steels. AND a good reason not to delete sales after the fact so dummy's like me can go back and research old sales.

[Kyle Van Koevering]

Agree - asinine process.

[Bob Hoffnar]

Showing income with a 1099 makes it so you can justify expenses and actually pay substantially less income tax. If you declare and keep track of money generated from your music business you can deduct expenses.

Also I would think it would be more simple and legally viable to use a record of your original payment. Like PayPal or your canceled check than what could be a random price on a potentially edited thread on the forum.

[Bill McCloskey]

You are right...had I been organized. I wasn't. Lesson learned.