Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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That depends on your income bracket, your deductions, and whether your state also has income tax or not.
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
that depends. how much TOTAL income did you have for the year? including your day job, interest from banks, etc..
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
I have kinda lost count of how much I made since I didn't really kept a track of my own cost ... but I know I din't make much profit to begin with and then ebay and pp fee ate whatever little profit...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
Sales Price less Cost of Item less Fees.
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
I don't think a lot of us does. For example, the Monster 50% off sale, a lot of folks bought to sell some items, and get their personal item for free and get some pocket change in the process. Im...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
so are we expected to submit all purchase receipts? I sold a few TPs, and some electronics from black friday deals
apparently I did buy quick books from staples so I now need to find where I kept...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
You can claim as much or as little profit as you like. Unless you are audited, it doesn't matter. If you are audited, you will be expected to provide some level of proof for what you paid for the...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
My second question was based on the answer to the first. If you had to be a business, would it be based on a calendar year of when you started your business or a standard calendar year? But, since...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
Great advice, thanks for those tip. I know I won't be using the home sq ft deduction cause the space I use is multi purpose. And the mileage for post office run, I don't know how you could have...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
that helps clear things up on selling used goods that were your personal property vs new goods sold for profit. Thanks and repped.
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
What tax software is everyone using? Any one better then the other? Thanks!
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
So far, i know a few of use are creating our own spreadsheets. If purchased Quickbooks Pro 2012 for $100, but waiting to see how my spreadsheet pans out once I finish it.
But you can start with...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
sounds like someone who already has a system in place
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
Now PP says that cashback payments are actually NOT technically excluded, because the sites send payments as "mass payments" (obviously as they send millions, so ANY cb site will use this method.)
...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
Everyone breathe :) http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
Notice there on line 1a. "Merchant card and third party payments. For 2011, enter -0-"
Also, I recently attended an IRS convention...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
Just as I thought Cash Back payments are NOT supposed to be counted!
PP replied to my email today with a typical cut and paste without actually addressing the issue, BUT did confirm that Cash back...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
Paypal email support is useless x 100. Don't bother emailing re: this issue, the replies are so ridiculous and moronic it's beyond comprehension how these people got hired to deal with financial...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
I got a question hope i can get an answer too.
First i dont sell on ebay but i sell through email and other sources selling personal collection of things cds, dvds etc and this past year i needed...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
Check out the ebay application called Outright. I have just started to play with it, but it looks like you can add your paypal account and such, and use it to help fill out taxes.
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
LOL...just got a Kiplinger tax update in the mail today, looks like these forms will not be going out next year because of the Sh$t storm that followed them...Good bye and Good riddance!
New...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
I had a lot of amazon sales and received my 1099-K. I filed earlier this week via Turbotax.
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
:woot: NICE FIND :woot:
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
I have a question for the tax masters here.
So Paypal sent me a form saying I received 34K in deposits. My mom got some lame accountant and he had me make a list of my purchases to write-off, I...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
best thing to do is just register as a business (Sole Proprietorship) with the state. Collect tax on your state purchases on eBay and file with your BOE every three quarters.
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
I can not find where to enter the 1099K information. Any help would be wonderful!
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
This is a misinterpretation, many, if not most business start-ups do not make a profit their first, or second years around. The IRS tracks these loses, and if they go on too long they will make it a...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
So even if you don't officially have a business, you can do Schedule C and claim deductions like a small business? Ahhhh, not enjoying tax season right now :(
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
I figure this would be a question someone would eventually have, so the 1099-K reports gross on all incoming payments. As earlier said, cashback is to be excluded, but was not, and somehow that...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
I would like to know as well. Now that I received a 1099, I am going to be re-creating all of 2011 (FUN) and there are a lot of things I can deduct (gas, ect.). I also have a regular full time job....
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
thanks so much! :hug:
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
Thanks. I ran across it when looking up 1099-K form information since I am curious for 2012. It imported all of my information mostly correctly, and I was able to manually change anything that...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
A "hobby seller" still reports the income they make in the course of the hobby to the IRS, the difference is that they do not get to deduct hobby loss against ordinary income, and they are limited to...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
So, lets put out as an example that your gross is 50K reported by Paypal, profit is 10% of that, $5K. In general, how would one classify themselves and what schedule to use for tax purposes? Based on...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
do you know if there is any further information regarding the usage of this form for 2011?
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
I tried it as well and I wasn't sure of the accuracy of the dates on the data, maybe 1 or 2 days off on certain transactions. I'll continue to refine and populate my spreadsheet so to create pivot...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
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280 Replies
302,431 Views
Yeah, the whole thing seemed kind of "off" and I didn't find it that user-friendly. This week I am diligently filing all of my records and getting ready to start re-creating all of 2011 :vomit:
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
Actually, he would need to to report $20,000 and then report $15,500 in expenses. Paypal will report it to the IRS anyway if you cross the threshold so lying about it is only going to get the...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
Here is the link from IRS.gov
http://www.irs.gov/newsroom/article/0,,id=249029,00.html
I just sell for hobby and the income is very small, not even a small business. The problem is how can we...
Paypal Reporting Income to IRS with 1099-K. eBay Sales Over $20,000 AND Sold Over 200 Items
Thread created 02-02-2012 by blackblaze
+5 Score
280 Replies
302,431 Views
I think for small business, we should count time, we can say we hired some Mexico people shipping or buying for us.
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