I have not received a 1099K from Paypal as I have in previous years. I switched to Ebay managed payments in July 2020 so my income was split between the two entities and didn't reach the $20,000 level for either but did in total. I read where because my states reporting level is only $1000 I should have received the 1099?
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My preferred method of payment for shipping labels, goods etc. is from my paypal account balance and my checking account is my back-up method. However, despite having a balance in my account, payments are coming out of my checking account. I did let my balance run out accidently a few weeks ago but I replenished the funds and some payments came from it but then started coming from my checking account only.
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after downloading all my transaction from my PayPal history for last year the total Ebay Auction Payment amount is less than my 1099-K Gross Amount of payment transactions on line 1a. Is the difference PayPals fees? or are those fees included under the total Ebay Fees?
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I received a 1099 from Paypal for the first time and find out I have to pay income tax on my profits. What is the best way to file? Sole Proprietor etc. and what else can you advise.
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