Bricklectic Posted March 14, 2021 Share Posted March 14, 2021 42 minutes ago, cuttingcorners47 said: The research I looked up said the 1099k is going to take 15.3% of your net earnings away from you. Does this sound about right? Thats SE tax. Same for everyone. Covers SS and Medicare Quote Link to comment Share on other sites More sharing options...
stackables Posted March 14, 2021 Share Posted March 14, 2021 Oh, and with the new covid stimulus bill, they threw in all financial institutions like ebay and paypal will be sending 1099 to anyone who sells over $600. So it looks like next year or the following year everyone will basically be getting one even if you just sold you old junk. Quote Link to comment Share on other sites More sharing options...
Mathew Posted March 14, 2021 Share Posted March 14, 2021 This will piss off a lot of people who use eBay to “get rid of stuff”. To me this is a gray area. For example if I personally sell a bunch of stuff like video games, stereo gear, toys etc for less than I paid for them originally but go over the $600 threshold does that automatically mean I have to count it as income? Quote Link to comment Share on other sites More sharing options...
stackables Posted March 14, 2021 Share Posted March 14, 2021 3 minutes ago, Mathew said: This will piss off a lot of people who use eBay to “get rid of stuff”. To me this is a gray area. For example if I personally sell a bunch of stuff like video games, stereo gear, toys etc for less than I paid for them originally but go over the $600 threshold does that automatically mean I have to count it as income? Yep, and if you deduct the cost of the items you may have to prove the purchase price. I am sure everyone has receipts for their video game purchases from 15 years ago. The best part is you can sell something for $10 and cost $30 to ship and another $3 for tax. IRS will see that as a profit of $43. Quote Link to comment Share on other sites More sharing options...
zskid00 Posted March 14, 2021 Share Posted March 14, 2021 14 minutes ago, stackables said: The best part is you can sell something for $10 and cost $30 to ship and another $3 for tax. IRS will see that as a profit of $43. You can expense the shipping costs on Schedule C. 1 Quote Link to comment Share on other sites More sharing options...
Mathew Posted March 14, 2021 Share Posted March 14, 2021 49 minutes ago, zskid00 said: You can expense the shipping costs on Schedule C. Schedule C indicates that you are self employed. I’m talking about selling personal items. Not reselling as a business. Quote Link to comment Share on other sites More sharing options...
gmpirate Posted March 14, 2021 Share Posted March 14, 2021 3 minutes ago, Mathew said: Schedule C indicates that you are self employed. I’m talking about selling personal items. Not reselling as a business. Before I was an official business, Schedule C was where my accountant at the time entered my sales & related expenses. Quote Link to comment Share on other sites More sharing options...
Mathew Posted March 14, 2021 Share Posted March 14, 2021 45 minutes ago, gmpirate said: Before I was an official business, Schedule C was where my accountant at the time entered my sales & related expenses. Right. If you’re going to report it then it has to be entered somehow. Regardless with the new rules thousands of people just became small businesses without knowing it. Quote Link to comment Share on other sites More sharing options...
BrickLegacy Posted March 15, 2021 Share Posted March 15, 2021 Anyone else get an email from Paypal back in January with the subject "2020 Form 1099-K available" but the document is nowhere to be found in the Reports/Tax Documents section? (nothing in the mail either). Quote Link to comment Share on other sites More sharing options...
Darth_Raichu Posted March 15, 2021 Share Posted March 15, 2021 1 hour ago, BrickLegacy said: Anyone else get an email from Paypal back in January with the subject "2020 Form 1099-K available" but the document is nowhere to be found in the Reports/Tax Documents section? (nothing in the mail either). I would call Paypal. I downloaded mine back in January but now it is gone. Also gone are the 1099s from previous years, I usually can see up to at least 2018. This is annoying Quote Link to comment Share on other sites More sharing options...
BrickLegacy Posted March 15, 2021 Share Posted March 15, 2021 52 minutes ago, Darth_Raichu said: I would call Paypal. I downloaded mine back in January but now it is gone. Also gone are the 1099s from previous years, I usually can see up to at least 2018. This is annoying Thanks for confirming. Yes, this is very annoying. I'm a procrastinator so I didn't download it when it became available. I've never had issues with this in the past. Were you able to download your reconciliation file, too? It's a summary of activity that reconciles to the 1099 statement. I typically need both. I can't see previous years either. Quote Link to comment Share on other sites More sharing options...
Darth_Raichu Posted March 15, 2021 Share Posted March 15, 2021 2 minutes ago, BrickLegacy said: Thanks for confirming. Yes, this is very annoying. I'm a procrastinator so I didn't download it when it became available. I've never had issues with this in the past. Were you able to download your reconciliation file, too? It's a summary of activity that reconciles to the 1099 statement. I typically need both. I can't see previous years either. Yes, both were available. Now the tax page is empty 1 Quote Link to comment Share on other sites More sharing options...
BrickLegacy Posted March 15, 2021 Share Posted March 15, 2021 "Thank you for contacting PayPal Customer Support. My name is Joanna and I am happy to assist you. Thank you for bring this to our attention. We have noticed that some 1099-k have been removed from the account and our systems are currently working on getting this resolved. I do apologize for the confusion, no need to worry this will be resolved shortly!" RE: Please define shortly... Quote Link to comment Share on other sites More sharing options...
Darth_Raichu Posted March 15, 2021 Share Posted March 15, 2021 1 minute ago, BrickLegacy said: "Thank you for contacting PayPal Customer Support. My name is Joanna and I am happy to assist you. Thank you for bring this to our attention. We have noticed that some 1099-k have been removed from the account and our systems are currently working on getting this resolved. I do apologize for the confusion, no need to worry this will be resolved shortly!" RE: Please define shortly... Hmm, technically by law they have to make these available by 1/31. Perhaps casually mention that on your reply asking for ETA ? Quote Link to comment Share on other sites More sharing options...
BrickLegacy Posted March 15, 2021 Share Posted March 15, 2021 9 minutes ago, Darth_Raichu said: Hmm, technically by law they have to make these available by 1/31. Perhaps casually mention that on your reply asking for ETA ? Yep - I asked for an ETA so we'll see what they come back with. I'm sure I will just get the runaround for a few days. At least they acknowledged it so that's a step in the right direction! Quote Link to comment Share on other sites More sharing options...
Brystheguy Posted March 15, 2021 Share Posted March 15, 2021 14 minutes ago, BrickLegacy said: Yep - I asked for an ETA so we'll see what they come back with. I'm sure I will just get the runaround for a few days. At least they acknowledged it so that's a step in the right direction! Can anyone verify if the "Sales Insight" total from 2020 is the same number that is on the 1099K? I am tempted to use that number instead of waiting for this form to show up. Quote Link to comment Share on other sites More sharing options...
brickvoyeur Posted March 16, 2021 Share Posted March 16, 2021 I've reached out to the IRS and to my state comptroller. Neither received anything from PayPal for 2020. The did confirm they received my other expected 1099's. They have unlimited time to file the 1099-K, but with increasing penalties. 1 Quote Link to comment Share on other sites More sharing options...
BrickLegacy Posted March 17, 2021 Share Posted March 17, 2021 My 1099-K and reconciliation file showed up in my Paypal tax reports section today. Quote Link to comment Share on other sites More sharing options...
Pseudoty Posted March 17, 2021 Share Posted March 17, 2021 Tax day pushed back to 5/15/21 4 Quote Link to comment Share on other sites More sharing options...
BrickLegacy Posted March 17, 2021 Share Posted March 17, 2021 Tax day pushed back to 5/15/21Thank the maker!!! Quote Link to comment Share on other sites More sharing options...
Bold-Arrow Posted March 17, 2021 Share Posted March 17, 2021 3 hours ago, BrickLegacy said: Thank the maker!!! @Bold-Arrow Quote Link to comment Share on other sites More sharing options...
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