I received an email informing me that PayPal had issued a 1099 Form in my name. I only use PayPal to receive payment from eBay sales. I do not run a business — my eBay use is for personal use, and is to sell personal items I no longer need/want. I followed the instructions given in the email to access the 1099 Form, but the only account I have is Personal and no such form exists in my account. I do not have a Business account. What is this about? I’d appreciate any help anyone can provide. Thanks.
Well, if you make profit from any sales, Uncle Sam wants a piece. The 1099K just tells the irs that you received payments through PayPal. You will have to report any profit and pay taxes accordingly.
You have to pay taxes on any profit whether you are a business or not. If you sold things at a loss then that's a different situation.
