TB is just hosting advertisements. It has no part in the actual transactions and no way of knowing how much anything was sold for. No different than Craigs List but a nicer bunch of people to deal with.
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1099 K From PayPal -
- Thread starter BostonJazz72
- Start date
TB is just hosting advertisements. It has no part in the actual transactions and no way of knowing how much anything was sold for. No different than Craigs List but a nicer bunch of people to deal with.
I guess even if you are required to pay this, then it mostly will affect the vintage sales. You should be able to deduct losses, but with the new tax laws and higher individual deduction, elimination of SALT deduction, etc, not sure if most will be able to claim losses if you can't itemize.
I make money. I pay taxes. I drive on paved roads with streetlights. If my house catches fire, the local fire department comes to try and put it out. This system works for me. I call it “living in a society.”
Rant deleted because it was skewing political. So, I'll just add a "The price of rent is too damn high!"
Sign to your paypal account, tax documents should be there. Review it and if it looks ok you have to include it on your tax filling.
If there is no 1099-K on your paypal account then call them or write an email, dont click on any link or download any file unless you verified is legit.
If there is no 1099-K on your paypal account then call them or write an email, dont click on any link or download any file unless you verified is legit.
In a world ruled by just laws, yes.
@jdwinva please let us know what you're told. Many tax laws are skewed as in the "six ways to Sunday".
This seems to work well for me. So far using purchased software(Small business included as I have day job + 1099MISC from band gigs + 1099K Paypal sometimes), IRS website, and tax forums has guided us quite nicely.
And this(inflation making prices go up) is the reason my ex got about $20K for "appreciation"(aka inflation, dollars worth less) for the short time we were married in the Jimmy Carter years with super inflation. House I bought with money had prior to marriage, paid for, etc....she got 1/2 of the appreciation.
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Taxes are higher in the EU but at least you get something for it. My net pay is considerably lower than my gross pay and then I get 0 assist with the kid's college, pay a lot for health insurance and then copays and "not covered" on top of that. If we really add up everything in the US to get parity with typical benefits in the EU, I'm not sure we're paying lower effective taxes.
It's only income if you turn a profit. PayPal can't know your "basis" (how much you paid for it), so it becomes your problem to know and report as appropriate.
Inflation is a hidden “tax” that everybody pays. In all fairness , it should be tax deductible, but there really is no simple way to calculate an individual’s deduction.
Having lived and worked in both the US and the EU, yes, I paid higher taxes in France (not actually higher *income* taxes, mind you, but factoring in all the other taxes and charges), but I also had a whole lot less personal out-of-pocket expenses. Had a family health crisis in France that would have bankrupted me in the US. Checking out of the French hospital, I asked, "OK, what do I owe you to settle up?" and the response was "After what you have been through, monsieur, do you really think we're going to make you pay?". Co-pays were in the hundreds of euros - not the hundreds of thousands of dollars.
Call your tax professional. PayPal is required to send this notice. Your tax professional can tell you whether you need to declare gains on the items you sold, depending on a lot of things: personal items never used to gig; items you may have deducted the cost on prior years' Schedule C or other business schedules you may have filed in relation to your gigging, etc. Only the person who does your taxes can tell you for certain.
YIKES!! Yeah i always wondered how they could track sales to tax'em the gub ment wants a piece of everything! So I guess they found out a way!
Sucks! I hate when they nailed on state tax on online purchases! I live in cailf. and st. tax is like 10%!!! Sucks! they= gub ment does nothing for that $$, like when you pay some tax you can account what its used for! (like nice roads, clean water,etc.) Online tax? faster/safer internet? Nope they just want a cut!
I'm probably alone here, but this is GREAT NEWS!!! Anything to give a jab to the "middle man flippers" to prevent people from buying stuff and selling it at a profit is a-ok in my book!!! Hopefully the added costs of needing an accountant to do the taxes for your pedal flipping business or added fear of getting audited will deter some flippers as it will cut into that profit margin making flipping a less worthwhile thing. Not that anything will really change, but maybe?
My confusion is more around the double taxing...if you sell on ebay or reverb, the buyer is already being hit with the sales taxes...seller shouldn't be getting taxes as well, should they?
My confusion is more around the double taxing...if you sell on ebay or reverb, the buyer is already being hit with the sales taxes...seller shouldn't be getting taxes as well, should they?
Paying more than you need to is silly. The 1099-K is not a tax bill unless certain situations are met.
