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Joined: Jan 2009
Posts: 5,190
Campfire Tracker
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OP
Campfire Tracker
Joined: Jan 2009
Posts: 5,190 |
So it looks like Joe wants to tax your sale of items that are over $600, and send you a 1099 at the end of the year - when using Goods % Services on PayPal. So what happens if you do 2 transactions - like $250 and $350? https://newsroom.paypal-corp.com/20...ing-Requirements-Your-Questions-Answered
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Joined: Sep 2021
Posts: 945
Campfire Regular
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Campfire Regular
Joined: Sep 2021
Posts: 945 |
$600 or more for the entire year. That means you get a 1099-K
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Joined: Jun 2002
Posts: 132,034 Likes: 64
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 132,034 Likes: 64 |
Selling items for what you paid or less isn't income, so not reportable. Income for sales is the gain (profit) only.
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Joined: Sep 2021
Posts: 945
Campfire Regular
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Campfire Regular
Joined: Sep 2021
Posts: 945 |
Selling items for what you paid or less isn't income, so not reportable. How to you prove that you sold something at a loss?
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Joined: Dec 2013
Posts: 44,812 Likes: 28
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,812 Likes: 28 |
Stopped using Paypal 30 years ago.
Back when you could get a banana split at Woolworth's.
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Joined: Jun 2002
Posts: 132,034 Likes: 64
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 132,034 Likes: 64 |
Selling items for what you paid or less isn't income, so not reportable. How to you prove that you sold something at a loss? In our system of laws it works the other way around.
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Joined: Sep 2021
Posts: 945
Campfire Regular
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Campfire Regular
Joined: Sep 2021
Posts: 945 |
Selling items for what you paid or less isn't income, so not reportable. How to you prove that you sold something at a loss? In our system of laws it works the other way around. So in an IRS audit I don't have to prove anything, good to know.
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Joined: Jun 2002
Posts: 132,034 Likes: 64
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 132,034 Likes: 64 |
Selling items for what you paid or less isn't income, so not reportable. How to you prove that you sold something at a loss? In our system of laws it works the other way around. So in an IRS audit I don't have to prove anything, good to know. When you sell the rocking horse out of your garage that belonged to your four year old because he's now 13 and doesn't use it anymore, do you need to provide a receipt to prove you've made no profit? If you're not in buiseness to buy at wholesale and sell at retail, the presumption is that sold old items are not sold at a profit.
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Joined: Nov 2002
Posts: 33,827 Likes: 16
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,827 Likes: 16 |
Stopped using Paypal 30 years ago.
Back when you could get a banana split at Woolworth's. Paypal wasn't around 30 years ago.
Conduct is the best proof of character.
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Joined: Feb 2013
Posts: 22,097 Likes: 19
Campfire Ranger
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Campfire Ranger
Joined: Feb 2013
Posts: 22,097 Likes: 19 |
I got a 1099 from EBay a year ago...
Worked out BEAUTIFUL... was able to claim a huge loss.
Thank you stupid communist politicians... I would haven't thought about it until their greedy money grubbing mitts sent me the "invitation".
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Joined: Mar 2002
Posts: 9,131
Campfire Outfitter
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Campfire Outfitter
Joined: Mar 2002
Posts: 9,131 |
Stopped using Paypal 30 years ago.
Back when you could get a banana split at Woolworth's. Paypal wasn't around 30 years ago. euphemism.............
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Joined: Apr 2017
Posts: 19,825 Likes: 23
Campfire Ranger
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Campfire Ranger
Joined: Apr 2017
Posts: 19,825 Likes: 23 |
Stopped using Paypal 30 years ago.
Back when you could get a banana split at Woolworth's. Paypal wasn't around 30 years ago. Sarc meter cracked.
"Maybe we're all happy."
"Go to the sporting goods store. From the files, obtain form 4473. These will contain descriptions of weapons and lists of private ownership."
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Joined: Jan 2012
Posts: 67,633 Likes: 72
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,633 Likes: 72 |
Stopped using Paypal 30 years ago.
Back when you could get a banana split at Woolworth's. That so huh? 😃 Well....I never heard of it. lol
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Joined: Jan 2012
Posts: 67,633 Likes: 72
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,633 Likes: 72 |
Wait for it....
My nephew uses pypal
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Joined: Jan 2012
Posts: 67,633 Likes: 72
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,633 Likes: 72 |
I went pheasant hunting with the guy who created paypal
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Joined: Aug 2003
Posts: 39,411 Likes: 66
Campfire 'Bwana
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Campfire 'Bwana
Joined: Aug 2003
Posts: 39,411 Likes: 66 |
I went pheasant hunting with the guy who created paypal My nephew was there
Me
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Joined: Jan 2012
Posts: 45,040 Likes: 29
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2012
Posts: 45,040 Likes: 29 |
I went pheasant hunting with the guy who created paypal My nephew was there Pen raised pay hunt pheasant??? Or them wild ones where you just gotta have a hunting license and spot to go??? Gauge??? SG design??? Doggies??? Shot size??? Bad boy buggie to and from for stealth or just park the truck and walk on in??? Baloney sandwiches and a Dr. Thunder for lunch, or pinky in the air Haute Cuisine back at da lodge???? Details, details, details.....
Last edited by renegade50; 12/03/21.
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Joined: Dec 2013
Posts: 44,812 Likes: 28
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,812 Likes: 28 |
Stopped using Paypal 30 years ago.
Back when you could get a banana split at Woolworth's. Paypal wasn't around 30 years ago. Zoom. Lol. 😆😆
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Joined: Dec 2013
Posts: 44,812 Likes: 28
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,812 Likes: 28 |
Stopped using Paypal 30 years ago.
Back when you could get a banana split at Woolworth's. Paypal wasn't around 30 years ago. Sarc meter cracked. Lol.
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Joined: Dec 2013
Posts: 44,812 Likes: 28
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,812 Likes: 28 |
Stopped using Paypal 30 years ago.
Back when you could get a banana split at Woolworth's. That so huh? 😃 Well....I never heard of it. lol Back when they made whiewall tires. 😂😂
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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