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I've only had a 1-time sell thru paypal, is the income needed to be reported on my tax return?

Contributor

I've only had a 1-time sell thru paypal, is the income needed to be reported on my tax return?

hi, I was trying to sell one of my unused handbag, the buyer wanted to have the paypal invoice for this particular transaction, in case she paid and doesn't receive my package. So I created the paypal invoice, sent her the package and received her payment. My question is do i need to report this on my 2019 tax return? it was about $3k.

 

thank you!

1 REPLY 1
Esteemed Advisor

Re: I've only had a 1-time sell thru paypal, is the income needed to be reported on my tax return?

@Fayemiao 

 

Please consult your tax professional but your one transaction won't be reported to the IRS on the 1099K as you do not meet the 200 transactions and $20K thresholds.


Kudos & Solved are greatly appreciated. 🙂