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on 01-27-2013 05:41 PM
I have not recieved a 1099 tax statement from Ebay, Do I need to request one? Or will it automatically be sent out to all sellers?
on 01-27-2013 05:44 PM
eBay does not send 1099s
See your local IRS office for information.
While thinking about that, read this:
and PayPal's info, here:
• If your activity is a HOBBY, report your income on line 21, Form 1040. You can´t deduct expenses in excess of your income, and you can only deduct qualifying expenses if you itemize deductions
• If you consider your sales on eBay as a BUSINESS, you must fill out the IRS 1040, Schedule C, at a minimum. You may deduct expenses.
• If you are selling junk from around the house, those casual sales are usually not taxable.
• If you are buying things for resale on eBay, you are a business, and your income from the business is taxable.
The IRS says:
"Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit."
If you want to see your history of sales, as shown on PayPal, try
on 01-27-2013 07:02 PM
eBay does not but PayPal will when you reach to xxxx$$.Paypal collect the payment from buyer it's like Paypal is another institution like any others. Just runs the business differently.