Ebay and 1099's

Coins101

Does eBay send out a 1099 at year-end if you sell more than $10,000 on their site? I have sold some silvers on their but also sold some a bunch of used houshold items I have had for a long time that I bought new.

Any idea on the 1099?

streeter

I personally know TWO people who have been pursued by the IRS for not reporting their EBAY income. They were selling NEW items.

Proceed as though every internet transaction is in full view of UNCLE. Ebay has logged every key stroke you ever made and according to a customer of mine who is with IBM in N.Y. who was head of Dbase2 development, has a record of it dating to DAY ONE.

regards

derryb

Money does not get transferred from buyers to sellers in Ebay. Ebay only brings them together for a transaction that may or may not end up in an actual payment. Ebay does not report income to IRS, because Ebay does not facilitate any transfer of money between the two parties. Paypal is a different story. Starting this year paypal has reporting requirements with the IRS as do other electronic financial entities such as credit cards. View the rules at the paypal website.

You should get a copy of a 1099 from paypal if they are required to file one on you with the IRS. You should be keeping your own records on sales, dates, expenses etc. Paypal is gonna tell them about your income. It's up to you to be able to prove your costs associated with that income.

All income should be reported to the IRS by the person receiving it. That's the law.

Coins101

I know it is the law but a lot of the household items were purchased years ago and finding proof of its original cost may not exist anymore. For example, I sold a Sunfire Vacuum Tube Preamp that I purchased new when they first came out for over $2,000. I sold it on ebay/PayPal for $700. So, in reality, I had a $1300 loss yet proving that will be difficult, as I don’t believe I have the original invoice anymore. For all practicable purpose, it was brand new and should have been worth the 2K but they don’t go for that anymore.

If I sold some silver for more than what I paid, I had income, say $500 for this example, and I understand that it is income. But, does the two sales get shown as $1200 income when in fact I had an $800 loss. Do I get to write the $800 loss off? It seems they are opening a big can of worms, as eBay is a big yard sale except for the few stores and maybe some PM sellers.

derryb

1099's report gross income. Taxpayers offset the gross with expenses when they file the return. I would make an honest effort to estimate expenses for records I don't have, but more importantly would start keeping records on anything I might resell later including coins and bullion.

57loaded

<< <i>I know it is the law but a lot of the household items were purchased years ago and finding proof of its original cost may not exist anymore. For example, I sold a Sunfire Vacuum Tube Preamp that I purchased new when they first came out for over $2,000. I sold it on ebay/PayPal for $700. So, in reality, I had a $1300 loss yet proving that will be difficult, as I don’t believe I have the original invoice anymore. For all practicable purpose, it was brand new and should have been worth the 2K but they don’t go for that anymore.

If I sold some silver for more than what I paid, I had income, say $500 for this example, and I understand that it is income. But, does the two sales get shown as $1200 income when in fact I had an $800 loss. Do I get to write the $800 loss off? It seems they are opening a big can of worms, as eBay is a big yard sale except for the few stores and maybe some PM sellers. >>



well, you should be reporting income and loss from "garage sales" the IRS always has had parameters that if you fall outside of it raises a red flag...if it gets reported to them. you are responsible for detailed records when reporting a loss and must also have documentation to show a profit. if an annual commision form a company falls below $600 i am not obligated to report that income to the IRS, because companies do not send out 1099's if under that threshold. do i report it? well my bookkeeper does

OPA

PayPal is required to furnish you & IRS a 1099 if your receipts are more than $20k for 2011 and or if your total sales are over 200 for 2011. That is the threshold that will trigger a 1099...stay below the thresholds & PayPal is not required to furnish a 1099.

derryb

For persons required to file an income tax return, all income is required to be reported to the IRS by the taxpayer whether or not a 1099 was generated, or required to be generated, by the person paying the income. Not all payments to an individual require a 1099. This does not waive the requirement by the person receiving the income to report it as income. Where the income gets reported on the tax form by the tapayer depends on the type of income it is. The 1099 serves two purposes. (1) inform the IRS of income another party has received and (2) provide the person receiving the income with information needed for the tax return.

Coins101

I always keep records of my coin and silver sales and report them. However, if PayPal reports all payments, I guess I had better keep the receipt for the tea pot I just bought my wife because 10 years from now, she may want a different one and it might get sold on ebay. If the Fed's aren't going to kill use with their enviorment regulations and money printing, they are going to bury us in paper. Great, I have to keep a receipt on any tangible item because I may sell it on ebay/PayPal someday (I consider them the same because if you sell on ebay, you have to be paid through PayPal unless you have your own credit card machine).

The reason I was asking is I have sold over $5,000 in stereo equipment this year (cleaning house and wife factor) that I have purchased new over the years (30+). Its actual cost was around $20,000 to $25,000. However, I no longer have the records. I guess I could just use the published retail selling price (plus sales tax).

By the way, I found it:

"Taxes. The following acknowledgement has been added to Section 4.7 (Taxes): You acknowledge that in starting in 2011, PayPal will report to the Internal Revenue Service the total amount of the payments you receive each calendar year into all the Accounts you own if you(i) receive more than $20,000, and (ii) receive more than 200 payments, in that calendar year."

derryb

Keeping good records is to your advantage. I'm would think a reasonable written statement by you about the cost of something you don't have a receipt for will be considered to be in good faith by the IRS, especially if you have demonstrated record keeping for most everything else.

You want to make sure that the income (not the profit) you show on your tax return from paypal receipts is at least equal to what paypal reports to you (and the IRS) on the 1099. Otherwise, the tax man may come looking for taxes on the difference. Once a tax man comes looking for one thing, he usually wants to look at a bunch of other things.

I have a funny feeling that this tax year there are going to be a whole lot of ebay sellers under the IRS's magnifying glass. Best to not be one of them.

Amigo

Coins101, I agree it opens up a can of worms. It's nearly impossible to have a discussion of taxes on this board though because of the typical responses.

I have to declare ignorance on a lot of tax issues. I wasn't aware that a 20 yr item used for personal purposes had to be reported as income if sold. Does that mean we get to deduct the expense when we purchase it ? (pun intended)

Where's the 1099 get reported on the 1040 ? The only place in my limited knowledge, would be schedule C or 8825. If that's true, then Obama will be able to take credit during the elections for starting tens of thousands of new small businesses in 2011. LOL

derryb

<< <i>I wasn't aware that a 20 yr item used for personal purposes had to be reported as income if sold. >>


Income is income and is required to be reported in year received.



<< <i>Where's the 1099 get reported on the 1040 ? >>


As stated earlier in the thread, "Where the income gets reported on the tax form by the tapayer depends on the type of income it is."

ksammut

<< <i>Coins101, I agree it opens up a can of worms. It's nearly impossible to have a discussion of taxes on this board though because of the typical responses.

I have to declare ignorance on a lot of tax issues. I wasn't aware that a 20 yr item used for personal purposes had to be reported as income if sold. Does that mean we get to deduct the expense when we purchase it ? (pun intended)

Where's the 1099 get reported on the 1040 ? The only place in my limited knowledge, would be schedule C or 8825. If that's true, then Obama will be able to take credit during the elections for starting tens of thousands of new small businesses in 2011. LOL >>



The sale of PMs would be noted on Schedule D (Capital Gains and Losses) as PMs are treated differently than other items sold. You will also have to show whether or not it is a short term or long term gain or loss. If you had losses from past years that you could not use, you should be able to subtract those losses from this years gains.

Schedule C would be for other items sold. Keep track of your cost of each item as well as sales receipts as both will be noted on Schedule C.

Hope that helps.

Ken

OPA

<< <i>

<< <i>I wasn't aware that a 20 yr item used for personal purposes had to be reported as income if sold. >>


Income is income and is required to be reported in year received.



<< <i>Where's the 1099 get reported on the 1040 ? >>


As stated earlier in the thread, "Where the income gets reported on the tax form by the tapayer depends on the type of income it is." >>



Turbo Tax will know.

derryb

<< <i>Where's the 1099 get reported on the 1040 ?
As stated earlier in the thread, "Where the income gets reported on the tax form by the tapayer depends on the type of income it is."
Turbo Tax will know. >>


Turbo Timmy would disagree.

Coins101

Hum, I just sold our 2003 Explorer that had 60,000 miles on it with a purchase cost of $35,000 for $7,000. Looks like a $28,000 loss to me!!! Even using an average usage rate (Ave. IRS milage rate of $0.40 x 60,000 mile) still leave me a $4,000 loss. Now, if I have to report the $7,000 income from the sales, I should be able to off-set that with the loss of $11,000. Seems only fair to me!

If all proceeds from a sale (income) has to be reported, then the corresponding cost should also be used to determine the actual loss. Hum, I may not have to pay any income tax this year!!!

derryb

<< <i>Hum, I just sold our 2003 Explorer that had 60,000 miles on it with a purchase cost of $35,000 for $7,000. Looks like a $28,000 loss to me!!! Even using an average usage rate (Ave. IRS milage rate of $0.40 x 60,000 mile) still leave me a $4,000 loss. Now, if I have to report the $7,000 income from the sales, I should be able to off-set that with the loss of $11,000. Seems only fair to me!

If all proceeds from a sale (income) has to be reported, then the corresponding cost should also be used to determine the actual loss. Hum, I may not have to pay any income tax this year!!! >>


Losses do not apply to personal property (but gains do). If you can figure out some way to document it as a capital investment or business vehicle then you're in good to go.

Coins101

Then if I sold $19,000 in silver and $5,000 in stereo and PayPal sends me a 1099 for $24,000, how are they going to seperate the personal property from the silver? Like I said, a can of worms.

derryb

<< <i>Then if I sold $19,000 in silver and $5,000 in stereo and PayPal sends me a 1099 for $24,000, how are they going to seperate the personal property from the silver? Like I said, a can of worms. >>


It's all taxable income (what it was for doesn't matter) in the eyes of the IRS. It's up to you to document any expenses, or losses, to reduce the taxable income. If you sold that explorer on ebay, paypal would report the income and the IRS would want taxes on that income unless you can prove you took a loss. If your documentation shows a $1 profit on the sale the IRS wants their share. But as I said earlier, net losses on personal property can not be claimed.

Unfortunately losses on savings and investments due to government controlled inflation can not be claimed either. That's why inflation is called a "hidden tax."

Amigo

It certainly is a can of worms.

I don't know how the IRS will handle it all. However, if I was at the Craps table, I'd be betting on the Come Line that the IRS will be lowering the threshold next year down from $20k. This is the best year to get rid of the remaining stereo parts if you can stay below 20k.

That stereo was purchased with after tax dollars. If the OP sales it for less than paid, then he's simply recovering a portion of the dollars he's already paid tax on. It would be double taxation to now report it as income. Obviously none of us have receipts for personal items purchased 20 yrs ago.

Amigo

Can anyone riddle me this ?


Personal property. The term “personal property” refers to property (such as machinery, equipment, or furniture) that is not real property. Generally, gain or loss from the sale or other disposition is sourced according to the seller's tax home. If personal property is sold by a bona fide resident of a relevant possession, the gain or loss from the sale is treated as sourced within that possession.

Coins101

<< <i>That stereo was purchased with after tax dollars. If the OP sales it for less than paid, then he's simply recovering a portion of the dollars he's already paid tax on. It would be double taxation to now report it as income. Obviously none of us have receipts for personal items purchased 20 yrs ago. >>



I am sure that is what the Fed's are counting on. Balance the budget on the backs of mom & pop operations but don't touch Mr Big Bucks.

The double taxation also comes in effect where I am with sales tax. I sold my car to a private party and received the full $7,000. He registers it and pays sales tax. In the mean while, I go buy a new car and pay sales tax on the total price. Had I traded it in, I would pay sales tax on the difference between the new car and the old car. For what the new car dealer would give me, I was better off selling it privately.

Coins101

If fact, I bet it won’t be long all payments have to be reported. I know we were notified by the IRS prior to 2011 that all payments, no matter how small, had to have a 1099 sent out on them. Every vendor and ever contractor had to get one. However, they backed off on the requirement for now.

With ebay/paypal, there is tons of personal property sold every day on it and considering you have to use PayPal, it is going to turn into a record keep nightmare.

Shoot, when my kids were in baseball, I bought bats for them for each stage they were in as each league had difference bat requirements. I would buy them on ebay and then as they out grew them, sell them on ebay. To have to keep detail records on these transactions is the dumbest thing I have heard. Hopefully, reasonableness will prevail. But, then again, we are talking about the Fed’s and the IRS.

Hopefully, they will keep it at $20,000.

ksammut

<< <i>

<< <i>Then if I sold $19,000 in silver and $5,000 in stereo and PayPal sends me a 1099 for $24,000, how are they going to seperate the personal property from the silver? Like I said, a can of worms. >>


It's all taxable income (what it was for doesn't matter) in the eyes of the IRS. It's up to you to document any expenses, or losses, to reduce the taxable income. If you sold that explorer on ebay, paypal would report the income and the IRS would want taxes on that income unless you can prove you took a loss. If your documentation shows a $1 profit on the sale the IRS wants their share. But as I said earlier, net losses on personal property can not be claimed.

Unfortunately losses on savings and investments due to government controlled inflation can not be claimed either. That's why inflation is called a "hidden tax." >>



What you posted is not accurate.

There is a difference when selling PMs versus other property. PM sales would be seen as capital gains or losses - not income. PMs would go on Schedule D and other sales on Schedule C as they would be considered business income. They would be taxed at different rates.

In regards to receiving a 1099 from ebay where they lumped all the sales together, as long as you show (on your return) that when the Schedule C and D amounts total $24,000 in your example, then you should ge good to go. Of course, you will need to show receipts backing up your figures should you get audited.

BAJJERFAN

<< <i>

<< <i>That stereo was purchased with after tax dollars. If the OP sales it for less than paid, then he's simply recovering a portion of the dollars he's already paid tax on. It would be double taxation to now report it as income. Obviously none of us have receipts for personal items purchased 20 yrs ago. >>



I am sure that is what the Fed's are counting on. Balance the budget on the backs of mom & pop operations but don't touch Mr Big Bucks.

The double taxation also comes in effect where I am with sales tax. I sold my car to a private party and received the full $7,000. He registers it and pays sales tax. In the mean while, I go buy a new car and pay sales tax on the total price. Had I traded it in, I would pay sales tax on the difference between the new car and the old car. For what the new car dealer would give me, I was better off selling it privately. >>



Whoever bought your trade-in from the dealer would have paid sales tax on it anyway. The amount you paid extra in sales tax by not trading was considerably less than what you made by selling privately. If the new owner of your old car sells it next week, there will be sales tax paid on it again.

derryb

<< <i>

<< <i>

<< <i>Then if I sold $19,000 in silver and $5,000 in stereo and PayPal sends me a 1099 for $24,000, how are they going to seperate the personal property from the silver? Like I said, a can of worms. >>


It's all taxable income (what it was for doesn't matter) in the eyes of the IRS. It's up to you to document any expenses, or losses, to reduce the taxable income. If you sold that explorer on ebay, paypal would report the income and the IRS would want taxes on that income unless you can prove you took a loss. If your documentation shows a $1 profit on the sale the IRS wants their share. But as I said earlier, net losses on personal property can not be claimed.

Unfortunately losses on savings and investments due to government controlled inflation can not be claimed either. That's why inflation is called a "hidden tax." >>



What you posted is not accurate.

There is a difference when selling PMs versus other property. PM sales would be seen as capital gains or losses - not income. PMs would go on Schedule D and other sales on Schedule C as they would be considered business income. They would be taxed at different rates.

In regards to receiving a 1099 from ebay where they lumped all the sales together, as long as you show (on your return) that when the Schedule C and D amounts total $24,000 in your example, then you should ge good to go. Of course, you will need to show receipts backing up your figures should you get audited. >>



Then I need to be clearer. My comment "what it's for doesn't matter" was in reference to income from the sale of personal property vs. property held for investment. The IRS see proceeds from either one as income. As you point out when it comes to property held for investment, the IRS has different tax rates based on what type of property and how long the property was held for investment before being sold. Proceeds from the sale of PMs are still considered income. Income from PM sales may end up as captital gains on Schedule C for those not in business or as a sale of inventory for those in business on a Schedule D.

Its still all taxable income in the eyes of the IRS and will be reported as income by paypal to the seller and to the IRS on a 1099. As i stated twice before "where the income gets reported on the tax form by the tapayer depends on the type of income it is." It is the differences between types of income that dictate where they get reported on the tax return and how they are taxed. However, the 1099 from paypal is not going to separate the income by type income nor tell you where to put the numbers on your tax return.

For example, you sell a coin from your personal collection on ebay for $100. You would show the income on a Schedule D. Because I am a business, if I sell the same coin on ebay for $100 I would report the income on Schedule C. We would end up paying different taxes on our respective $100 incomes. Same would hold true for bullion.

ksammut

<< <i>

<< <i>

<< <i>

<< <i>Then if I sold $19,000 in silver and $5,000 in stereo and PayPal sends me a 1099 for $24,000, how are they going to seperate the personal property from the silver? Like I said, a can of worms. >>


It's all taxable income (what it was for doesn't matter) in the eyes of the IRS. It's up to you to document any expenses, or losses, to reduce the taxable income. If you sold that explorer on ebay, paypal would report the income and the IRS would want taxes on that income unless you can prove you took a loss. If your documentation shows a $1 profit on the sale the IRS wants their share. But as I said earlier, net losses on personal property can not be claimed.

Unfortunately losses on savings and investments due to government controlled inflation can not be claimed either. That's why inflation is called a "hidden tax." >>



What you posted is not accurate.

There is a difference when selling PMs versus other property. PM sales would be seen as capital gains or losses - not income. PMs would go on Schedule D and other sales on Schedule C as they would be considered business income. They would be taxed at different rates.

In regards to receiving a 1099 from ebay where they lumped all the sales together, as long as you show (on your return) that when the Schedule C and D amounts total $24,000 in your example, then you should ge good to go. Of course, you will need to show receipts backing up your figures should you get audited. >>



Then I need to be clearer. My comment "what it's for doesn't matter" was in reference to income from the sale of personal property vs. property held for investment. The IRS see proceeds from either one as income. As you point out when it comes to property held for investment, the IRS has different tax rates based what type of property and how long the property was held for investment before being sold.

Its still all taxable income in the eyes of the IRS and will be reported as income on a 1099. As i stated twice before "where the income gets reported on the tax form by the tapayer depends on the type of income it is." It is the differences between types of income that dictate where they get reported on the tax return and how they are taxed. However, the 1099 from paypal is not going to separate the income by type income nor tell you where to put the numbers on your tax return.

For example, you sell a coin from your personal collection on ebay for $100. You would show the income on a Schedule D. Because I am a business, if I sell the same coin on ebay for $100 I would report the income on Schedule C. We would end up paying different taxes on our repsective $100 income. >>



We are on the same page. Just wanted to make it clear for those who struggle following our tax code.

derryb

<< <i>We are on the same page. Just wanted to make it clear for those who struggle following our tax code. >>


Gotcha. We probably shouldn't even try talking about K-1's.

ksammut

<< <i>

<< <i>We are on the same page. Just wanted to make it clear for those who struggle following our tax code. >>


Gotcha. We probably shouldn't even try talking about K-1's. >>



Never had a s-corp - lol

Coins101

Actually, I am not in the business to sell stereo equipment. This is a sale of personal property. So, how would it be reported on Sch C, "Profit and Loss from Business?" I can see the portion applicable to PM sales going on Sch D but selling personal property through eBay and paid for through PayPal doesn't make me a business.

derryb

<< <i>

<< <i>

<< <i>We are on the same page. Just wanted to make it clear for those who struggle following our tax code. >>


Gotcha. We probably shouldn't even try talking about K-1's. >>



Never had a s-corp - lol >>


I get partnership K-1s instead of 1099s for my Powershares leveraged ETFs. Get taxed on income even if I haven't sold shares. Go figure!

derryb

<< <i>Actually, I am not in the business to sell stereo equipment. This is a sale of personal property. So, how would it be reported on Sch C, "Profit and Loss from Business?" I can see the portion applicable to PM sales going on Sch D but selling personal property through eBay and paid for through PayPal doesn't make me a business. >>


Income on sale of personal property, whether held for investment or not, would go on Sched. D. Losses on personal property not held for investment cannot be claimed, but gains have to be claimed.
Income on sale of business inventory would go on Sched. C. Those who file Sched. C have to additionally pay self imployment tax (social security tax).

Coins101

I see cash, checks and MO in my future for personal items. Oh, and no more eBay!!!

derryb

Except for cash, you can't hide from them. Even with cash, if you deposit it you pop up on the radar. The creation of anti-terrorism laws gave them all kinds of "tracking" and "oversight" power. This is exactly what the tinfoil madhatters complain about.

stevkc

<< <i>Income on sale of personal property, whether held for investment or not, would go on Sched. D. Losses on personal property not held for investment cannot be claimed, but gains have to be claimed. >>



You seem to know what you are talking about, so I am going to assume there is a miscommunication somewhere. I don't think you mean INCOME on the sale of personal property--don't you mean a GAIN on the sale?

It seems like you are telling me that if I buy a couch for $1000 and 10 years later sell it at my garage sale (or on ebay or whatever) for $100, that I need to report the $100 as income on my tax return. No way.

derryb

<< <i>

<< <i>Income on sale of personal property, whether held for investment or not, would go on Sched. D. Losses on personal property not held for investment cannot be claimed, but gains have to be claimed. >>



You seem to know what you are talking about, so I am going to assume there is a miscommunication somewhere. I don't think you mean INCOME on the sale of personal property--don't you mean a GAIN on the sale?

It seems like you are telling me that if I buy a couch for $1000 and 10 years later sell it at my garage sale (or on ebay or whatever) for $100, that I need to report the $100 as income on my tax return. No way. >>


Yes way. On Sched. D, Line 1, you will report description of item, date aquired, date sold, sale price, cost or other basis, and subsequent gain or loss. Sale price is income and it gets reported along with the math to determine gain or loss.

IRS Schedule D Instructions

stevkc

<< <i>

<< <i>

<< <i> But as I said earlier, net losses on personal property can not be claimed.

<< <i>

Coins = hobby
Can dudect losses up the amount of gains.

streeter

COINS101,
and be sure to NOT even consider asking a bank employee as to what is considered a reportable deposit.

The 'act' of asking might make you a suspicious person within the guidelines the bank chooses to follow----- whereby the bank has to report the question.

stevkc

<< <i>

<< <i>

<< <i>Income on sale of personal property, whether held for investment or not, would go on Sched. D. Losses on personal property not held for investment cannot be claimed, but gains have to be claimed. >>



You seem to know what you are talking about, so I am going to assume there is a miscommunication somewhere. I don't think you mean INCOME on the sale of personal property--don't you mean a GAIN on the sale?

It seems like you are telling me that if I buy a couch for $1000 and 10 years later sell it at my garage sale (or on ebay or whatever) for $100, that I need to report the $100 as income on my tax return. No way. >>


Yes way. On Sched. D you will report description of item, date aquired, date sold, sale price, cost or other basis, and subsequent gain or loss. Sale price is income and it gets reported along with the math to determine gain or loss. >>



But there would be no GAIN, and therefore nothing to tax. The $100 received from the couch that was purchased for $100 is not taxed because it wasn't a GAIN.

derryb

<< <i>

<< <i>

<< <i>

<< <i>Income on sale of personal property, whether held for investment or not, would go on Sched. D. Losses on personal property not held for investment cannot be claimed, but gains have to be claimed. >>



You seem to know what you are talking about, so I am going to assume there is a miscommunication somewhere. I don't think you mean INCOME on the sale of personal property--don't you mean a GAIN on the sale?

It seems like you are telling me that if I buy a couch for $1000 and 10 years later sell it at my garage sale (or on ebay or whatever) for $100, that I need to report the $100 as income on my tax return. No way. >>


Yes way. On Sched. D you will report description of item, date aquired, date sold, sale price, cost or other basis, and subsequent gain or loss. Sale price is income and it gets reported along with the math to determine gain or loss. >>



But there would be no GAIN, and therefore nothing to tax. The $100 received from the couch that was purchased for $100 is not taxed because it wasn't a GAIN. >>


And there lies the catch 22 with the new paypal 1099 reporting: in the past there would be no reason for me to show the sale of the couch to the IRS since I knew it was for a loss and that the loss on personal property could not be claimed. But now, if sold through paypal, paypal is going to tell the IRS that I received $100 income. IRS is going to be looking at my return to see if I claimed the $100 income. If I show the loss on personal property on Sched. D, it is going to allow me to claim the loss even though IRS says you cannot claim a loss on the sale of personal items. Until IRS provides guidance, the only alternative is to attach a statement with info on your 1099/paypal transactions for personal losses and the numbers to show that each was at a loss. Or, you could do nothing and if audited show the loss numbers to the auditor. Hopefully the IRS will realize the problem and address it.

LanceNewmanOCC

.
.
I was required to provide some information regarding my business when I had transferred $20k through my account through various transactions.

This will be the first year I've had that amount or more go though paypal and I must say it is nice to hear they will send out some documents at year's end.

For anyone trying to figure out all the tax laws, don't, just go to a cpa and pay them a couple hundred bucks, learn what you need to learn and perhaps file with them so you can sleep somewhat soundly.

I ready too many posts/stories all around the world regarding people asking so many questions about how to do this or what is this amount or how do I file this. Go to your yellow pages and search accounting, cpa etc. The advice they give will do wonders towards you accomplishing your goal. It is what they went to school for.

Obviously a good idea to look over what they do if it is your first time working with them even if they come highly recommended.

AUandAG

Well, there's always Craigs List!!


lol,



bob

Coins101

<< <i>Well, there's always Craigs List!!


lol,



bob >>



Actually, I have sold some speakers and other large items through Craig's List. But, where I am located, the market for high-end equipment is very small. I would never sell coins or PM's on CL.