Ebay Paypal and 1099K

[trishkay]

I have removed all my items from ebay after getting a notice that I would be receiving a 1099K for my January sales for a friend.. I know ebay is not at fault but the Government and their $600 limit has just totally destroyed the senior population who sold their antiques (collected over the past 50 years) and now have to pay taxes on them.. More of the Liberal plan to make everyone rely on the Government.. No more Ebay No more Paypal for me

[mtgraves7984 · Accepted solution]

Hopefully you had a good run. Good luck to you (and us all) moving forward.

[heckofagame]

A 1099-k does not necessarily mean that you have to pay taxes. Speak to a tax professional about how to handle your specific needs. 

[bonjourami]

You mean you havent been paying taxes on your sales since 1999? Probably not smart to admit that on a public board.

[nobody*s_perfect]

The standard deduction for an individual is $12,950 for single filers and $25,900 for couples.  You'd have to clear more than that amount from your eBay sales before reaching the amount that you'd have to pay income taxes on. And if you turned over part  of the sale amount to your friend, that's a deductible expense, as is postage, eBay fees, etc.

[jda08121]

I hope no one actually believes this nonsense.

[heckofagame]

To what nonsense are you referring? You need to be more specific.

[b86fiero]

It's not just the IRS, some States tax income as well as some Counties and Cities.

I live in Ohio and have to file income tax reports with the IRS, State and City of residence.

Everybody wants a piece of your little pie.

[heckofagame]

Pie sounds good

[wrong66]

Nonsense, from just another in a long series of tax-dodgers.

[jda08121]

The OPs whole post is nonsense.

[dnasilver]

How would the senior population get destroyed from a 1099? You do understand a 1099 has nothing to do with income. A 1099 shows the movement of money and that is all it shows. Why would you pay taxes on an old item that you bought and end up selling for less after costs over the last 50 years? 

[kensgiftshop]

@trishkay 

So you get a 1099K?

What have you been doing since you started selling?

You've been reporting your income like you're supposed to be doing right?

[trishkay]

A 1099K is an income report SENT to the IRS If you get one and do not explain it then you will get dinged for taxes..   Try explaining it to the agent when they send you a letter..

[trishkay]

File my taxes every year.. I am in an antique mall..  Your all up front on your taxes right?? Ever been thru an IRS audit? Millions will be after this year as they think like the guy above you can ignore a 1099K..