1099-K

[jgenella25]

Hi Everyone,

I just saw PayPal had a 1099-k for me and it states that they automatically report it to the IRS.  I live in Vermont, so my threshold is only $600 for goods & services, not the usual $20,000.  Now I'm just a little concerned that they have everything listed at 100% profit.  How can I correct this?  Most of the items have been things that were laying around my house.  So I'm not sure I would owe taxes on items that I'm selling for less than I paid.  A few items were gifts, so I'm not sure what to do about those.  The remaining items were thrifted items that I did make a little profit on, so I would understand paying taxes on those.  

Thanks,

Jessica 

[pamme_3579]

I wish PayPal s reps would get educated on this subject..we contacted them 3 different times to verify..all 3 reps said the total is minus fees..shipping etc

[mam98031]

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@pamme_3579 wrote:

I wish PayPal s reps would get educated on this subject..we contacted them 3 different times to verify..all 3 reps said the total is minus fees..shipping etc

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@pamme_3579 

I completely understand where you are coming from.  While normally I find PP's customer service extremely good it is sad when we get bad information especially when it has such a large impact.

FYI, you would have been able to see this for yourself once you ran your reconciliation report for your 1099K in PP.  So make sure you run that report so that you know EXACTLY what your numbers contain.

[pamme_3579]

How do I find that report?  The lady that did our taxes last year which was H&R Block did not know what she was doing  we owed a ton of $ $$..she never asked for that report..deducted anything except our purchase price and Ebay Fees

[pamme_3579]

I printed off all activity for the year. Is that the same thing?

[mam98031]

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@pamme_3579 wrote:

I printed off all activity for the year. Is that the same thing?

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That should work.  They did use to have a report call the Reconciliation report but I don't see it anymore.  It was a simple list of everything that went into the 1099K numbers.  The transaction report will get you there too, but you will have to work with it a bit and separate out some numbers into their own columns.  They list most in the same column as I remember it so you need to separate out a few things to get it to reconcile.

[eskwadrat]

After 23yrs on Bay as 99% buyer, trying to sell remaining 1% used stuff previously purchased on eBay, I said "no more" when asked for full SSN and photocopy of my DL. eBay has became occasional hobbyst seller evil, thank god unnecessary one. Not for me, not in the cards, never. They can put on my account whatever restrictions they want, I no longer care and will not feed corrupted tax system that punished honest and helps evaders. 

[kh-leslie]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread HERE if you wish to continue to discuss this topic.

Thank you for understanding.