Kinda OT: PayPal 1099-K - it’s a doozy! - Page 5

merckxman · #61 02-04-2018, 10:19 AM

In PayPal there is this * regarding the $20,000/200 transaction threshold:
"*Except in Vermont and Massachusetts where the threshold is lower irrespective of the number of transactions."

Apparently Mass. and VT have set a $600 threshold. Guys selling/buying fishing gear have same problem: http://www.stripersonline.com/surfta...-vt-residents/

eBAUMANN · #62 02-04-2018, 10:22 AM

Quote:

Originally Posted by binxnyrwarrsoul

What is the trigger? The $20K or the 200 transactions?

the trigger is having accepted payment with a "payment card." thats it, according to the document they sent me.

Quote:

Originally Posted by likebikes

just checked my tax docs on paypal, no 1099-k!

there is nothing in my tax documents section online either...and yet, i was mailed one.

NYCfixie · #63 02-04-2018, 10:30 AM

Same here. I wanted to download a PDF version from PayPal so I could upload to my accountant with my backup documentation but PayPal did not having anything listed in the tax document for me but I did get one by mail.

Quote:

Originally Posted by eBAUMANN

...there is nothing in my tax documents section online either...and yet, i was mailed one.

Quote:

Originally Posted by likebikes

just checked my tax docs on paypal, no 1099-k!

quickfeet · #64 02-04-2018, 11:15 AM

Ugh, I’ll bet this will affect me...

OtayBW · #65 02-04-2018, 11:53 AM

Quote:

Originally Posted by Clean39T

Probably true.

I don't recall anyone ever chasing so hard after some fixed and unchanging concept of perfection that you can never really grasp anyway. You're trying to catch a bubble in a stream. Maybe enjoy the stream for a while...
Free, unsolicited observation...

PNW · #66 02-04-2018, 12:07 PM

So when were these mailed out by? I have finished our taxes already..but I haven’t sold very much other than a frameset, Campy 50th group, and other parts but am well under 5k..I also didn’t make $$ on any of it.

NYCfixie · #67 02-04-2018, 12:38 PM

Quote:

Originally Posted by PNW

So when were these mailed out by? I have finished our taxes already..but I haven’t sold very much other than a frameset, Campy 50th group, and other parts but am well under 5k..I also didn’t make $$ on any of it.

by law they have to mail them by the end of January which is why people are starting to get them now. PP does not care if you made or lost money (see my earlier post about my cancelled transaction) they just report the incoming flows. It is up to you to figure out and prove profit or loss.

binxnyrwarrsoul · #68 02-04-2018, 12:39 PM

Quote:

Originally Posted by eBAUMANN

the trigger is having accepted payment with a "payment card." thats it, according to the document they sent me.

there is nothing in my tax documents section online either...and yet, i was mailed one.

I'm assuming the "payment card" is getting paid via a credit card?

ultraman6970 · #69 02-04-2018, 12:40 PM

It is about the amount of transactions and the amount of money you sold, the only one that knows if you made money out of the stuff you sold is you, paypal has no idea, if you sold for example 2 million bucks in stuff that you bought for 5 million, well you took a big hit losing money but they will send the paper for the 2 million you know.

I do not know if you can put in the taxes report that you lost money and stuff...

The other thing I dont know is if a person and a store are threated the same inside of ebay/paypal, technically from the taxes standing point of view are different.

stien · #70 02-04-2018, 01:33 PM

Has anyone actually filed taxes with this 1099-k yet? Where do you put in losses/purchase price? Do you need receipts to prove all of this?

I just got mine yesterday. Thankfully I know all the transactions because there were only 6, plus 2 active junky cash back.

Also, getting dinged for a payment I refunded. Perfect.

Just got off the phone with them...going to issue a new 1099.

Edit to remove confusing and incorrect info

abguff · #71 02-04-2018, 01:56 PM

Mmmm 3 out of 5 years with a slight profit and you might be out of the hobby loss rules. Could be an oportunity!

NYCfixie · #72 02-04-2018, 02:05 PM

Quote:

Originally Posted by stien

Has anyone actually filed taxes with this 1099-k yet? Where do you put in losses/purchase price? Do you need receipts to prove all of this?

I just got mine yesterday. Thankfully I know all the transactions because there were only 6, plus 2 active junky cash back.

Also, getting dinged for a payment I refunded. Perfect.

Just got off the phone with them...going to issue a new 1099. And this is state taxes only, not federal.

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.

Clean39T · #73 02-04-2018, 02:15 PM

Quote:

Originally Posted by stien

And this is state taxes only, not federal.

Why State only and not Federal???

stien · #74 02-04-2018, 02:25 PM

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.

ultraman6970 · #75 02-04-2018, 02:37 PM

This might help to some...

https://ttlc.intuit.com/questions/30...099-k-for-ebay