In that case: you’re paying the state's, "lawmakers" not to lock you up for, "Possession". They’ll pocket MUCH more, that way (all they really care about). Enjoy the buzz and count your blessings!
1099-K from PayPal (tax form)
It looks like I am getting a 1099-k form from PayPal for the first time. I sold a lot of audio items last year, used, while upgrading my system and swapping things around. Obviously I am not a business, not in this for profit, and did not make money, lost money. It’s just a hobby, a costly one.
I am guessing I have to report this with my taxes. However, the form only has the gross proceeds from PayPal, not my original purchase price. How do I deal with this? Any particular section on Turbo Tax to enter these?
I am guessing I have to report this with my taxes. However, the form only has the gross proceeds from PayPal, not my original purchase price. How do I deal with this? Any particular section on Turbo Tax to enter these?
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- 49 posts total
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Can we please, please stay on topic? @rodman99999 —- can you please elaborate? I am definitely a business, not doing this for profit, I am losing money. It has to be something else. Maybe a “hobby” thing, section, on TT, or something else. I cannot possibly see how I will have to pay taxes on something I did not make money from. |
@thyname I believe this should answer your question: How do I enter the 1099-K data for the business? (intuit.com) Be sure to make note of the very last sentence. |
@thyname, I would consult a tax attorney. I just researched and it appears 1099-K is intended for folks in business or self-employed, “Form 1099-K, Payment Card and Third Party Network Transactions, is an IRS information return used to report certain payment transactions to improve voluntary tax compliance. You should receive Form 1099-K by January 31st if, in the prior calendar year, you received payments:
I have been buying n selling audio gear through PayPal for years and never seen a 1099-K form. |
- 49 posts total