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Author Topic:  PayPal handing out 1099K tax forms
Len Amaral

 

From:
Rehoboth,MA 02769
Post  Posted 7 Feb 2018 1:06 pm    
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Occasionally I sell a few items and have used Paypal where the deposit is made to my Paypal account. It's convenient and I pay the fees. So what's the problem?

I received a 1099K tax form from Paypal listing I took in $903 for 2017 and I have to pay tax on that amount. I'm not a commercial enterprise, just a guy that puts a few items up for sale. What's next, pay taxes having yard sales, garage sales and lemonade stands?
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Tim Russell


From:
Pennsylvania, USA
Post  Posted 7 Feb 2018 1:56 pm    
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I wasn't aware of this, never received a form. Apparently, I do not sell enough to earn that reward, lol.

snip from paypal website -

* $20,000 USD in gross payment volume from sales of goods or services in a single year

* 200 payments for goods or services in the same year
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Len Amaral

 

From:
Rehoboth,MA 02769
Post  Posted 7 Feb 2018 2:27 pm    
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The 1099 K listed a total for the year of #903.00 it has to be a mistake.....
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Doug Beaumier


From:
Northampton, MA
Post  Posted 7 Feb 2018 3:55 pm    
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I've been getting a 1099K from PayPal every year since 2012 when the new law kicked in.
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Donny Hinson

 

From:
Glen Burnie, Md. U.S.A.
Post  Posted 7 Feb 2018 8:01 pm    
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Doug Beaumier wrote:
I've been getting a 1099K from PayPal every year since 2012 when the new law kicked in.


Just one more reason not to use PayPal. Laughing
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Douglas Schuch


From:
Valencia, Philippines
Post  Posted 8 Feb 2018 5:00 am    
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Len, that should be to your advantage. Figure out what you sold and what it cost you to buy them (if like me, you paid more). Add in expenses (cost of driving to the post office, etc). You will show a loss on your business and reduce your taxes!
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Doug Beaumier


From:
Northampton, MA
Post  Posted 8 Feb 2018 1:56 pm    
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What a coincidence... my 1099K arrived today!
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Tom Wolverton


From:
Carpinteria, CA
Post  Posted 10 Feb 2018 8:56 am    
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I’m with Douglas. Use it to your advantage. Document everything.
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Doug Beaumier


From:
Northampton, MA
Post  Posted 10 Feb 2018 9:41 am    
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Yes, it’s a good record of annual sales and fees. I just add it to the pile of documents I give to my accountant at tax time.
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25 Songs C6 Lap Steel / 25 MORE Songs C6 Lap Steel / 16 Songs, C6, A6, B11 / 60 Popular Melodies E9 Pedal Steel
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