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Paying taxes on paypal? 1099's reported to IRS

Discussion in 'The Okie Corral' started by Bryan2010x, May 30, 2012.

  1. Bryan2010x

    Bryan2010x

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    I came into contact with someone today and they said they made $22,000 via paypal and got a 1099 from the IRS. I have been reading different things, one saying that if you do over $20,000 NET (before you deduction transaction fees) and over 200 sales, you are subject to it.

    I thought there might be someone on here who is a super ebay seller that might have some facts on this issue. Thank you for learning more about this change.
     
  2. Dennis in MA

    Dennis in MA Get off my lawn

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    1099 from Paypal, not the IRS. Probably right. Look like a duck, quack like a duck. . . Declare your income and expenses.
     

  3. jpa

    jpa CLM

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    Agreed. If you're selling that much stuff via paypal make sure you accurately report your expenses.

    The internet isn't free money anymore, uncle sugar wants his pound of flesh.
     
  4. 427

    427

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    Avoid PP and ebay. There are other places online to make money and it doesn't have to be declared.
     
  5. TheExplorer

    TheExplorer

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    I never understood how people make money on ebay any more. Their fees are just out of control now that they have their hand in the list, sell, payment and shipping cookie jar.
     
  6. *ASH*

    *ASH* david is a post whore. in hell all loves popcorn

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    this...
     
  7. certifiedfunds

    certifiedfunds Tewwowist

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    Legally, it has to be declared.
     
  8. *ASH*

    *ASH* david is a post whore. in hell all loves popcorn

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    the government can suck it . they rob enough folks F EM
     
  9. certifiedfunds

    certifiedfunds Tewwowist

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    You'll get no argument from me. I consider tax evaders modern day patriots.

    I'm just pointing out that all income must legally be reported.