Trying to change my 2-step verification key. I go to my account, click on profile, then security then 2-step verification. Clicked on update. Get the message: Sorry. We were not able to process your request. Please try again later. PayPal-Debug-Id: 7637e28b57893
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Where do you live? If you're under 200 transactions & $20K, you won't get a form. If you live in Mass/Vermont, you'll get a paper 1099-K copy in the mail.
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You probably live in Mass or Vermont. The 1099-K reporting threshold is lower, only $600 instead of $20K. You'll need to report it to the state DOR. I suggest also the IRS which you should do for any income. Just make sure you subtract your fees (paypal, ebay/amazon/shipping), the cost of the item to come up with your profit.
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Do you live in Mass or Vermont? The 1099-K reporting requirement is lower, only $600 which is why you got the form. You report it on 1040 Schedule C. Deduct the costs of the item, your fees (PayPal/Ebay/Amazon/Shipping) to figure out your profit. Otherwise, it will be viewed as income and you'll pay extra taxes/fines if you don't declare it.
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Do you live in Mass or Vermont? The 1099-K reporting requirement is lower, only $600 which is why you got the form. You report it on 1040 Schedule C. Deduct the costs of the item, your fees (PayPal/Ebay/Amazon/Shipping) to figure out your profit.
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