mx22
Super Freak
- Joined
- Mar 28, 2008
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To be fair to PayPal - they did send out emails in January 2011 (if I remember correctly) saying that if you sell over 20k worth of goods, you will be getting 1099k...
Not sure if this has been posted before or if anyone else has had this come up. Anyhow, I just got an email from paypal saying my 1099K tax form was available. I'm just as gung-ho about paying my fair share as the next guy, but this is just insane. It turns out I made $24,000 last year in payments sent to me. Of course I had no idea this was gonna happen at the begining of last year, so I never kept track of sales. Now it looks like I'm gonna be taxed an the $24,000. Which is not fair. Out of those 24,000 I must have only made about $4000-$5000 in profit, not including paypal fees, ebay fees, shipping and supply costs. Don't they factor in expense on the goods that you are selling? I basically sold items from my collection, that I paid money for and resold them for close to what I paid for them. Sometimes even lost money. Most of the stuff was loose parts. I guess my question is, how do I proceed with this? Anyone else having this issue...Please help..