So Anybody Recieved Any 1099 Notice From Paypal Yet?

thedutymon

Morning,

Getting all my Tax stuff together last weekend and was wondering if anybody had recieved any Official Notice from Paypal telling them that Sales had indeed been reported to the IRS? I know I can look at reports and see my Sales figures for the year, but am wondering about any Official Reporting to the IRS having been done.

Yeehah

Neil

MBMiller25

I'm waiting on the same information myself. I believe it has to go out by 1.31.12.

Reljac

If you go into paypal and look under 'history' in the header, there is a selection for tax documents.

thedutymon

MOrning,

Have already been there done that. Here is what it says: You have no 2011 tax documents.

Neil

jeffcbay

<< <i>MOrning,

Have already been there done that. Here is what it says: You have no 2011 tax documents.

Neil >>



Mine says that too... does that mean I didn't sell enough for need any?

thedutymon

<< <i>

<< <i>MOrning,

Have already been there done that. Here is what it says: You have no 2011 tax documents.

Neil >>



Mine says that too... does that mean I didn't sell enough for need any? >>



Basically that is my question, Has anybody recieved the Notice ????, and if so, are the rest of us (Who haven't recieved) off the Hook?

I doubt it, but you never know................................................... My Sales and Transaction numbers Clearly put me Way Over their thresholds, but one can alway dream !!!

Neil

stangrider

I'm still waiting for my 1099 as well from paypal. Trust me, it's coming. I spoke with them on the phone and they said it goes out late January.

dontippet

<< <i>

<< <i>

<< <i>MOrning,

Have already been there done that. Here is what it says: You have no 2011 tax documents.

Neil >>



Mine says that too... does that mean I didn't sell enough for need any? >>



Basically that is my question, Has anybody recieved the Notice ????, and if so, are the rest of us (Who haven't recieved) off the Hook?

I doubt it, but you never know................................................... My Sales and Transaction numbers Clearly put me Way Over their thresholds, but one can alway dream !!!

Neil >>



You aren't off the hook. You still have to report your profits as taxable income. The rules haven't changed. The only thing that has changed is Paypal is now keeping a record and reporting to the IRS.

thedutymon

<< <i>
You aren't off the hook. You still have to report your profits as taxable income. The rules haven't changed. The only thing that has changed is Paypal is now keeping a record and reporting to the IRS. >>



And THE Rules clearly say If they report, they have to 1099 the Reportee!!

Neil

Meatloaf

<< <i>

<< <i>
You aren't off the hook. You still have to report your profits as taxable income. The rules haven't changed. The only thing that has changed is Paypal is now keeping a record and reporting to the IRS. >>



And THE Rules clearly say If they report, they have to 1099 the Reportee!!

Neil >>



Does paypal report all payments made (i.e gift vs invoice vs ebay) or just those attached to ebay sales? Also, is there some $$$ value threshhold that triggers a report of a 1099? Is this considered capital gains or simply more tax income? Just curious.

Meatloaf

dontippet

<< <i>

<< <i>
You aren't off the hook. You still have to report your profits as taxable income. The rules haven't changed. The only thing that has changed is Paypal is now keeping a record and reporting to the IRS. >>



And THE Rules clearly say If they report, they have to 1099 the Reportee!!

Neil >>





Yes, if Paypal reports to the IRS, they must report to you as well. But if Paypal reports or not, you are still responsible for claiming profits as taxable income.

clayshooter22

FYI, rules changed this year to allow reporters to report as of 2-15-12 rather than the old 1-31 rule so it may come later than expected.

Also, 1099s report gross proceeds. They will report all income. You will have to substantiate all purchases when compared for profits.

This is where good records will save your ass because unlike investments Paypal has no idea what is being sold for a profit or loss. Good records will allow you to substantiate long term gains and their preferential tax treatment.

grote15

According to paypal, all payments marked gift or personal are taken out of the amount calculated for the 1099k. Only payments for goods and/or services are factored in

scotgreb

Good records will allow you to substantiate long term gains and their preferential tax treatment.

Not certain here -- but I do not believe collectibles receive LT capital gains treatment -- I think they were excluded form the 1997 changes -- I believe gains are all at 28%.

Scott

brendanb438

So anyone get one of these yet?