Did you have any luck with the retraction? I contacted CS and they said the tax team would give me an answer by now but I haven't heard back.
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I didn't know retraction was even an option. I'm going to ask. This would be the best way to go about it. Thanks for letting me know. Good luck
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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.
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Do you live in any of the states with lower reporting thresholds? Like VA, MA, VT? If so, you got the form because your sales exceeded the state's reporting threshold
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If you leave in a state where the reporting threshold is lower than the federal one, then you're going to get a 1099K. Even if you were under 200 transactions and less than $20,000. The form reports payments received only. Not payment received. You will have to reconcile the amount reported in the 1099K and your sales.
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You probably got one because you either had more than 200 transactions where you received money, you received over $20,000 in payments or you live in one of the states where those thresholds are even lower. The form issued based on the reporting threshold not of you're are business or not
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Hi, I was issued a 1099-K with the correct name but incorrect address. The old address was in one of the states where there's a lower reporting threshold. So I have two questions, how do update the address? What will happen to the form requirement since the state I'm living in doesn't have a lower threshold? I don't meet the federal threshold to have the form issued in the 1st place.
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