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Topic: PayPal handing out 1099K tax forms |
Len Amaral
From: Rehoboth,MA 02769
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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
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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 _________________ Sierra Crown D-10 |
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Len Amaral
From: Rehoboth,MA 02769
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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
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Donny Hinson
From: Glen Burnie, Md. U.S.A.
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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. |
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Douglas Schuch
From: Valencia, Philippines
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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! _________________ Bringing steel guitar to the bukid of Negros Oriental! |
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Doug Beaumier
From: Northampton, MA
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Tom Wolverton
From: Carpinteria, CA
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Posted 10 Feb 2018 8:56 am
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I’m with Douglas. Use it to your advantage. Document everything. _________________ To write with a broken pencil is pointless. |
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Doug Beaumier
From: Northampton, MA
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