Quote:
Originally Posted by NYCfixie
what did you have them remove to send you an updated 1099? Are the sending by mail or electronically? I had a cancelled sale and refund after I won both an eBay and Paypal case but they still put it on my 1099.
|
I called them up and said that the total for the month included a payment that I refunded. They took a minute and said: "you're right, we'll send you a new form". They said MA is a paper only state and they won't do electronic. Call them up.
Quote:
Originally Posted by Clean39T
Why State only and not Federal???
|
I was incorrect on that.
Just talked to a turbotax CPA. Options are:
-Enter it as hobby income where even if you break even (can't be for profit), you are still taxed significantly on both federal and state.
-Enter schedule C (1 of 3 years must be be profit if you keep doing it) and you get a better tax break.