@kernowlass I'm sorry if I somehow suggested, via my brevity (typing on a cell phone), that your response was not valuable... That wasn't my intent in the least bit. It's a thought I also had but the math just doesn't add up... I'm just baffled since the IRS rules are fairly specific and standard fees are some 5% for small transactions but usually even less for bigger transactions...
Hence, still scratching my head about why the IRS rules were not followed properly.
My Paypal payment volume does not exceed the amount needed to generate a 1099 tax statement... how do I report the earnings on my taxes? Do I even need to if it's not considered "significant" enough?
I was sent a 1099-K when my total gross sales were under $3,000 with only 89 transactions. I thought PayPal only sent 1099s to sellers who gross over $20,000 AND have over 200 transactions? Dis I receive this form in error? I never kept any expense info because I thought I wouldn’t have to claim anything under $20,000!
Me too! I have been a personal seller on Ebay for over 15 years and never once I had received a 1099-K until now!
I always clean out my closets to sell my old items on Ebay to fund my new stuff.
If I don't get to claim a credit when I purchased these items (I had already paid sales tax), why does the government get to tax me on these items again?!?!
I did some more research and I guess only residents of MA and VT received the forms (below the $20k/200 transactions). They aren't reporting income only transactions. I know the MA threshold is now $600. That all being said, would have been nice to get a heads up from Paypal in advance.
