1099 required for selling used items and NOT a profit?

[Gigi2four]

I got the email that says any “goods and services” payments adding up to $600 or more will result in a 1099. <removed> is this? I sell USED stuff online (Facebook or whatever) and don’t make a profit at all. I’m just trying to recoup some of what I spent when I’m done with an item. For example, I buy a puzzle for $15. When I’m done with it, I resell it for $5-7 so I can put that towards another puzzle. Why on earth would I need to have a 1099 for that? I’ve already paid the tax on that.

[PayPal_Randy]

@Gigi2four,

As PayPal is a US payment processor, it's required to provide certain information to the IRS.  Form 1099-K and B-Notice are tax forms which are applicable to holders of accounts both within and outside the United States since it pertains to income reporting for US persons/entities.  You can find more information and FAQs by visiting the Tax Help Center.

- Randy