Thank you for that explanation, Julian!
On Saturday, October 9, 2021 at 5:06:11 AM UTC-7 ...wrote:
>
> Unless you are actually making a net profit on your bike and other sales
> paid via Paypal this will have no impact other than requiring a bit more
> carful record keeping. Even if you get
Unless you are actually making a net profit on your bike and other sales
paid via Paypal this will have no impact other than requiring a bit more
carful record keeping. Even if you get a 1099 you can report a cost basis
equal to the 1099 amount if you sold for less than what you originally
I'm pretty certain that this is a new requirement that takes effect on
January 1, 2022. It will result in PayPal, Venmo, etc. being required to
issue 1099-K forms to anyone who sells in excess of $600 per year. The old
threshold was $20,000 and 200 transactions. It's been lowered to $600 no
I was taken aback by this at first as well, but as Garth pointed out it
seems to only be for very high annual sales. Otherwise I'd be requesting
F like crazy.
Pat in DC
On Wednesday, October 6, 2021 at 10:25:48 AM UTC-4 rickur...@gmail.com
wrote:
>
> I’m pretty sure you can just provide your
I’m pretty sure you can just provide your Social Security number, which
PayPal already has. So that shouldn’t be a problem. Other than that, just
sucking it up and paying taxes that you owe isn’t the end of the world.
On Tuesday, October 5, 2021 at 2:18:20 PM UTC-4 esoter...@gmail.com wrote:
>
USPS money orders in the mail. Your transaction cost, a first class stamp,
plus 1 dollar for the money order, IIRC.
Mike SLO CA
On Tuesday, October 5, 2021 at 12:33:27 PM UTC-7 Garth wrote:
> According to Paypal
>
According to Paypal
https://www.paypal.com/us/smarthelp/article/How-does-PayPal-report-my-sales-to-the-IRS-Will-I-receive-a-1099-tax-statement-FAQ729
And this
https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html
