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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I always wondered where they came up with $20,000 and 200 transactions. Also as a part time ebay seller, I've always found the method for keeping records to have a lot of undefined gray areas. Yes...
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
300,159 Views
On your income tax return.
It's not Paypal's responsibility to know all your costs involved, nor could they realistically have all that information. They just know that you received a lot of money...
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
300,159 Views
Holy necromancy Batman!
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
300,159 Views
It's both $20,000 AND over 200 sales.
Was told this by a couple paypal reps. So if you sold $21k & 190 sales, they don't report you.
However, regardless of being reported or not, you should be...
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
300,159 Views
I sold a few video cards on ebay and got my paypal 1099k form. I broke even with the cost of the cards, shipping, fees and such. so now the 1099-k shows I made XXX.XX in income, but its not real...
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
300,159 Views
So i read through many responses, not all...and I apologize in advance if I missed responses about this already.
I received a 1099-k from paypal this year for just over $600. I'm located in MA...
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
300,159 Views
Do you live in Mass or Vermont? If so, PayPal will send you a 1099-K if you do over $600 in transactions. Sucks. I got one myself today.
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
300,159 Views
hmm I received 1099-K from Paypal today showing I received some $2000 in less than 50 transactions, looks like as long as there is a single payment made with "Paypal payment card" they will trigger...
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
300,159 Views
Found this on Paypal
No. A seller has to exceed both IRS thresholds ($20,000 in gross payment volume and 200 separate payments) in a calendar year before a Form 1099-K is required. We may require...
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
300,159 Views
Cool story, bro.
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
300,159 Views
Everything I sell on ebay is sold a 40 to 50% Loss because people want everything free or for a cheap price not to mention all the paypal and ebay fees. So there is no way this could be considered...
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
300,159 Views
nvrmnd
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
300,159 Views
If you Ebay for profit, it's a business. Flipping is for profit. Buying something and selling it the next day is for profit. Yes you can claim expenses and itemized deduction, just have 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
300,159 Views
I had a ebay and paypal account and i assume i was getting close to the 20k and 200 mark , paypal put a popup on my page asking for SS# or my account would be limited , from what i read once they...
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
300,159 Views
I'm going through this same thing 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
300,159 Views
Question for ebay sellers: if you have one ebay account but 2 different paypal accounts with different ssn's. under different names but getting money from one ebay account with 20k+ in sales and 200...
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
300,159 Views
Should have no impact as PayPal and Amazon have been sending 1099s for several years now.
Whether they send you one or not, you the tax-payer are still obligated to report your income.
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
300,159 Views
This can potentially change how some smaller private businesses do things.
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
300,159 Views
Separate PayPal accounts under a different SSN. Never co-mingle your "hobby" income from legitimate SE income. Put the hobby PayPal account under another family member.
For this year, you...
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
300,159 Views
This thread has made a distinction between hobby sales / losses versus normal earned income when filing the 1040.
All of my income is from self employment, a combination of 1099s as a consultant...
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