According to the IRS, and similar to other Internet marketplace platforms, Storefront does not send a 1099 Tax Form to all listing owners. We are instead sending out a 1099-K to all listing owners that qualify.
To qualify for a 1099-K, you have (a) earned more than $20,000 in revenue from Storefront in the calendar year and (b) completed 200+ transactions with Storefront in the calendar year. If you qualify, a 1099-K from Storefront will be processed by the end of January of the year following the taxable year.
If you do not qualify for both (a) and (b), there is no 1099-K form to be distributed.
For any revenue received through Storefront, you, the listing owner are responsible for reporting your earnings to the IRS.
To easily calculate your earnings, follow these steps:
• Log-in to your Storefront account
• Navigate to the top right-hand corner of your screen
• Click on 'Payment History'
• Take the sum of all payments received in the earnings year that is being reported (e.g. 1/01/2019 - 12/31/19 when documenting in 2020.) This is the amount that is recorded as total earnings.