I don't get that many sales with Zelle, but according to their website they don't issue a 1099 or report anything. It is like sending a wire transfer, but with some limitations and no fees.
https://www.zellepay.com/faq/does-ze...than%20%24600.
Does Zelle® report how much money I receive to the IRS?
Zelle® does not report transactions made on the Zelle Network® to the IRS. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®.
Quote:
Originally Posted by BobC
Robert,
So what is your outfit going to do when you get the 1099-K from Zelle? Do they break down the reported total Zelle sales and end up sending out 1099s reporting respective sales to each consignor (and the IRS) for the consignor's actual share of auction proceeds they receive? Or does your outfit not get that much in the way of Zelle payments (yet) so the 1099 sales amount reported to your company by Zelle ends up being less than the actual amount of commissions/fees they actually earned for the year, so the just report their actual commission/fees income and as long as it ends up being greater than what's on Zelle's 1099-K to them for that same year, they don't do or report anything else to any consignors or the IRS?
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06-20-2022, 07:52 PM
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