Yet another 1099-K question

[blackbeasst]

so i seemed to have hit the magic numbers of $20k AND 200+ transactions and of course i got hit with a 1099. 90% of this was stuff around my house and older computer equipment that i purchased in the past.....new. of course i don't have any receipts of where i bought it new because that was 3-5+ years ago. and due to my actual job, after inputting the numbers in it says i owe the irs $7,000. this will completely wreck me for years to come if i have to pay this back.

also, some of the payments on the report were from outside of ebay where friends/family sent me money and yet they are still counting that.

can anyone offer some advice on what can be done since i have no receipts to show that even though it shows as "income" that i actually lost money over time?

[PayPal_Olivia]

Hi @blackbeasst,

I'm sorry to hear that you are seeing Friends and Family payments in the 1099K. Only Goods and Services transactions are supposed to be listed. If your friends sent the payments as Goods and Services payments, they would be included. If there is a discrepancy in the document, please contact PayPal to request that the form be reviewed.

I regret that we can't offer tax advice. The issuance of a 1099K is what PayPal is required to do over certain thresholds, but you may even be required to report the income even in circumstances where a 1099K is not issued. You may wish to check with the IRS or consult with a tax professional to clarify what your responsibilities are if you have doubts or questions.

I wish you the best!

Olivia