ALPY20030
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Posted on
Feb-12-2018
04:15 PM
I received a PayPal form 1099-k to be claimed to IRS , but I cannot find information on my PayPal account referring my 2017 tax doc.
where that income that I have to claim to IRS come from?
I do not do business but I sell goods from time in time.
any help would be greatly appreciated.
Angelo.
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angelleye
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Feb-12-2018
04:33 PM
It typically doesn't happen until you get to a particular level of sales. How much did you sell in the previous years? It's possible you actually did get a 1099 in those years and simply didn't realize it. Or maybe your sales were for a very low amount, like < $600 for the year..??
Angell EYE - www.angelleye.com
PayPal Partner and Certified Developer - Kudos are Greatly Appreciated!
PayPal Partner and Certified Developer - Kudos are Greatly Appreciated!
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angelleye
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Feb-12-2018
04:19 PM
Any payments that you receive to PayPal are technically taxable income. You could then have some expenses that offset the income to come up with a final taxable net profit. That would be up to you to have good records of all of that for tax prep purposes.
Angell EYE - www.angelleye.com
PayPal Partner and Certified Developer - Kudos are Greatly Appreciated!
PayPal Partner and Certified Developer - Kudos are Greatly Appreciated!
ALPY20030
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Feb-12-2018
04:31 PM
Thank you for your kindly reply, but what surprised me , is that this year was the first time I received a paypal tax form .
I was on Paypal since 2001 and I have sold goods in the past, but never had a form to submit to IRS.
Woul like to know why. Regards
angelleye
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Feb-12-2018
04:33 PM
It typically doesn't happen until you get to a particular level of sales. How much did you sell in the previous years? It's possible you actually did get a 1099 in those years and simply didn't realize it. Or maybe your sales were for a very low amount, like < $600 for the year..??
Angell EYE - www.angelleye.com
PayPal Partner and Certified Developer - Kudos are Greatly Appreciated!
PayPal Partner and Certified Developer - Kudos are Greatly Appreciated!
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