Hosta

has anyone gotten anything like this? The person said she worked for PayPal and the government is requiring Paypal to send out 1099

Candy Apple Quilts

Yes, I've heard the same thing. Don't quote my numbers, but you have to do at least 200 transactions per year in your business, or $20,000 in sales. Something like that.....

ptquilts

it's over 200 transaction "AND" $20000 in sales.

Candy Apple Quilts

Thanks!

emptyshellamy

Whew, heartrate jumped up there! :lol:

MTS

Yes, but only if certain conditions are met.

They don't care about you selling a $10 used crock pot and some used clothing on eBay.

The statements will only be sent to merchants/sellers if, in a given year, the total gross amount is over $20,000 and there are more than 200 transactions.

So even if you sell a car for over $20K, you don't get a statement.

And even if it is reported, the statement itself doesn't include any returns, COGS, shipping expense, eBay fees, etc. So it's not like all of sudden you've got to pay tax on an extra $20K of income. You'll deduct all those expenses, and others, when you do your taxes.

thequilteddove

Guess it's a good thing I'm already claiming my PayPal income lol

patricej

i think that's a great service. very happy to hear about it. :-)

earlylace

with the measly few dollars I get, they would have to pay me with all the expenses that go with that!

suezquilts

.

So even if you sell a car for over $20K, you don't get a statement.

And even if it is reported, the statement itself doesn't include any returns, COGS, shipping expense, eBay fees, etc. So it's not like all of sudden you've got to pay tax on an extra $20K of income. You'll deduct all those expenses, and others, when you do your taxes.[/quote]

I'd like to sell my car for $20,000, we purchase a Saturn Vue in 7/2008 and they went out of business 8 mo. later. Wow did my car lose value!