My ebay store has been closed for a month or so to avoid taxes as I wouild have just barley broken the requirments and money is starting to get a bit tight for me. Was wondering when paypal sends out 1099s. Also, can I start selling right after the new year or will those sales add on to my last years sales and increase my total sales? Sorry, in advance. Still new to the ebay thing.
I jusy wanted to say that that was an extremely rude comment about avoiding paying taxes. That person simply asked a question and was trying to avoid paying more taxes than they can afford in the year not avoid them as you so tried to point out if you werent going to answer the question then dont but dont try and down grade someone you dont have that right, also get your facts straight they are paying taxes not tryong to avoid
My ebay store has been closed for a month or so to avoid taxes as I wouild have just barley broken the requirments and money is starting to get a bit tight for me. Was wondering when paypal sends out 1099s. Also, can I start selling right after the new year or will those sales add on to my last years sales and increase my total sales? Sorry, in advance. Still new to the ebay thing.
you should get 1099 from Paypal sometime in January,if you meet 200 transactions and $20k in payment collected via goods and services.
Both requirements must be met,if you start selling in 2018,it would be in the 1099k for 2018,not 2017.
Pay attention to your 1099,it shows total $$ for the year and by month,it does not exclude any returns and sales tax you have collected,so when reporting income tax,you have to exclude these figures yourself.
"My ebay store has been closed for a month or so to avoid taxes as I wouild have just barley broken the requirments"
They are talking about the 200 transaction/$20,000 IRS disclosure requirements. They are trying to avoid PayPal notifiying the IRS about taxable income. That income doesn't become taxable at $20,000/200 transactions, that's just when paypal is obligated to report it to the IRS.
So yes. They are trying to illegally avoid paying taxes.
I jusy wanted to say that that was an extremely rude comment about avoiding paying taxes. That person simply asked a question and was trying to avoid paying more taxes than they can afford in the year not avoid them as you so tried to point out if you werent going to answer the question then dont but dont try and down grade someone you dont have that right, also get your facts straight they are paying taxes not tryong to avoid
My ebay store has been closed for a month or so to avoid taxes as I wouild have just barley broken the requirments and money is starting to get a bit tight for me. Was wondering when paypal sends out 1099s. Also, can I start selling right after the new year or will those sales add on to my last years sales and increase my total sales? Sorry, in advance. Still new to the ebay thing.
one copy of 1099 goes to IRS,so they know you have been selling.
but even without 1099,if you are ever audited and they ask to see your bank statements and anything comingin which is not SS,pension,inheritance,insurance proceeds,they figure it is income and uncle wants a piece of that.
In 2017, PayPal had them issued by 12 January ... However, if you have multiple accounts, the 1099s are not always issued at the same time; so don't be filling out your 1040 (ha, ha, ha ... right) until you are positive they've issued all the 1099s, or you'll be doing a 1040x (ha, ha, ha ... again) and that'll really launch some red flags to the IRS
