anyone else still waiting for thier 1099 from paypal ?

ebaybuyer

i believe i went over the 200 transactions, but have yet to receive anything from paypal. whats the next step ?

chipper10

It's 200 transactions and $20,000 (you must meet both). Give Paypal a call and they will tell you if you have one coming. If you have not got it yet I'd say probably not.

ebaybuyer

oh i thought it was "whichever comes first" im over 200 transactions but i dont think i did $20K

chipper10

Nope It's both.

derryb

qualified with two accounts. Called three times, said they would send, never did. never appeared in paypal account under "tax forms." Filed without it, I have the numbers. Checked "no 1099" on tax forms.

AMRC

Got mine quite some time ago.

ebaybuyer

ive been waiting.. and not so anxiously. just got off the phone with them and they said i dont have to report, which is good considering that a good portion of what i did sell was for other people, and what i sold of mine were mostly things i dindt plan on selling ever so i didnt bother keeping records of what i bought the stuff for, which leads to a hypothetical question, if i sell something for say $50 and i have no idea what i paid for it, could guess but had no reason to keep actual records again because i never planned to sell it, would i be liable for the whole $50 as "income" even though i may not have made more than $20 "profit" off the item ? i guess im wondering what is a calculation for selling personal items or items that are sold in times of hardship at a loss or just to raise some money ? doesnt make sense to be liable for 100% of what is sold if you dont have records of what the items actually cost originally. unless you can claim deductions .. im interested in hearing what some of the legal experts have to say on the subject

DoubleEagle59

You say "doesnt make sense to be liable for 100% of what is sold if you dont have records of what the items actually cost originally".

The IRS could take that to mean "does make sense to be liable for 100% of what is sold if you paid by cash originally".

ebaybuyer

how many things have you purchased for free using cash ?

DoubleEagle59

<< <i>how many things have you purchased for free using cash ? >>



None.

I meant if you paid by cash, you wouldn't have a receipt (proof of cost), therefore cost is zero ("free").

ebaybuyer

ahh ! now i understand.... but im thinking that is incorrect.

derryb

cash price for a puchase is your basis. If receipt not available IRS should be satisfied with good consice record keeping.

DoubleEagle59

<< <i>cash price for a puchase is your basis. If receipt not available IRS should be satisfied with good consice record keeping. >>



I don't know if the IRS during an audit will accept a scribble in someones notebook stating "price for coin paid for in 2002 for $200".

During an audit, if the IRS wants to play hardball and there's no receipt, then you could be dinged for 100% of your selling price.

jdimmick

That line on the schedule C is for if you made payments that require you to issue any 1099, not if you recived any. i checked no, becuase I did not issue any, just recieved a few??

Isnt this correct?

ebaybuyer

ill go out on a limb and say that IRS agents are intelligent enough to realize that the liklihood of someone "finding" $20k worth of coins is minimal, so in lieu of proper records, there is most certainly a guideline they use. is it reasonable considering that no matter how diligent one is, things do get lost, including receipts.

Dice21

Did someone say intelligent and IRS in the same sentence........isn't the IRS a branch of the Federal Government ???.....

fastfreddie

<< <i>ill go out on a limb and say that IRS agents are intelligent enough to realize that the liklihood of someone "finding" $20k worth of coins is minimal, so in lieu of proper records, there is most certainly a guideline they use. is it reasonable considering that no matter how diligent one is, things do get lost, including receipts. >>



Did you just use IRS, intelligent, and reasonable in the same post!!! Think about that. I think your limb is about to be sawed off. IF you were audited you would have to prove basis otherwise the reasonable intelligent government agents can impute income and that would stink to say the least.

Sorry Dice 21just read your comment.

jessewvu

<< <i>i believe i went over the 200 transactions, but have yet to receive anything from paypal. whats the next step ? >>



Your sales records you keep should be used to figure out how many PayPal sales you had. In addition to that, you can download your monthly history.

PayPal 1099's have all been out for weeks. Corporations did not get a 1099, just individuals from PayPal.

fastfreddie

<< <i>

<< <i>i believe i went over the 200 transactions, but have yet to receive anything from paypal. whats the next step ? >>



Your sales records you keep should be used to figure out how many PayPal sales you had. In addition to that, you can download your monthly history.

PayPal 1099's have all been out for weeks. Corporations did not get a 1099, just individuals from PayPal. >>




Our company just sent out a few more that were missed. Some even to other corporations. When in doubt issue a 1099.

derryb

<< <i>

<< <i>cash price for a puchase is your basis. If receipt not available IRS should be satisfied with good consice record keeping. >>



I don't know if the IRS during an audit will accept a scribble in someones notebook stating "price for coin paid for in 2002 for $200".

During an audit, if the IRS wants to play hardball and there's no receipt, then you could be dinged for 100% of your selling price. >>


difference between a scribble and good concise record keeping.

CoinCoins

tomorrow i'll be hopefully submitting my taxes

6 figures worth of sales, 5000+ transactions.. minimal records.. gonna wing it. thinking about suicide.

TwoSides2aCoin

My 1099 arrived promptly. It was easier this year than any other year. Why ? Because PAY PAL did the figuring for me. I just have to figure costs of goods , subtract fees, s/h, etc... and voila.

eBay still sucks
14% baby.

CoinCoins

<< <i>eBay still sucks >>



big time