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Re: Has Anyone Gotten a 1099 From E Bay

I got one from PayPal. The threshold is gross sales (before expenses, fees, shipping, etc.) is $5000. Under $5000: no 1099-K is sent to you or to the IRS.

How will I handle it? In a business-like fashion. I will prepare a Schedule C for my coin business and deduct expenses and the cost of goods sold. I will not ignore it, because I know that if I do I will receive a deficiency notice that will tax the entire amount and impose interest (and maybe penalties); the IRS will not (and cannot) calculate my setoffs.

Messages In This Thread

Has Anyone Gotten a 1099 From E Bay
Re: Has Anyone Gotten a 1099 From E Bay
Re: Has Anyone Gotten a 1099 From E Bay
I've never gotten one, probably way too few
Re: Has Anyone Gotten a 1099 From E Bay
Re: Has Anyone Gotten a 1099 From E Bay
Depends on your state as well, for NJ it's $1,000
Re: Has Anyone Gotten a 1099 From E Bay
Re: Has Anyone Gotten a 1099 From E Bay
Re: Has Anyone Gotten a 1099 From E Bay
no - in response to outcry, they set new amts
I Rec'd One For Less Than 3G
Is it delivered via email or snail Mail ?
my PayPal 1099-K was mail + email notice
Re: Is it delivered via email or snail Mail ?
Re: Has Anyone Gotten a 1099 From E Bay

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