I got my 1099K from paypal today

JHS5120

This is my first year receiving this. I made sure to keep a detailed spread sheet of all my purchases, sales and expenses. It sucks having to pay taxes on my hobby, but it's a blessing being able to turn a hobby into a business.

illinifan912

hi,
was it email snail mail how did you get it?

itzagoner

indeed. think about it for a moment.

you make money at baseball cards. say it to yourself. "I make money at baseball cards."

giddy, huh? you should be.

swartz1

<< <i>hi,
was it email snail mail how did you get it? >>



it will arrive via the mail and you can download it directly from paypal...

JHS5120

I received an email telling me it was available online. I'm sure I will still receive a copy via snail mail.

llafoe

There's not one listed on my PayPal page... I really hope I didn't "qualify" for one!

illinifan912

<< <i>There's not one listed on my PayPal page... I really hope I didn't "qualify" for one! >>



if you go into your history then reports look under 2012 financial summary to see if your under 20k/200 thresholds

llafoe

Sales Activity: $39,317
Purchase Activity: $38,945

Looks like I sold $362 more than I bought.

The sad part is I was in Afghanistan 10-1/2 months of 2012!

Edited to Add: There's no 1099 anywhere on My PayPal.

gemint

<< <i>indeed. think about it for a moment.

you make money at baseball cards. say it to yourself. "I make money at baseball cards."

giddy, huh? you should be. >>




Unless your profit is $5 and you had to spend 1,000 manhours scanning, listing, packing, shipping to make that $5.

grote15

<< <i>Sales Activity: $39,317
Purchase Activity: $38,945

Looks like I sold $362 more than I bought.

The sad part is I was in Afghanistan 10-1/2 months of 2012!

Edited to Add: There's no 1099 anywhere on My PayPal. >>



You also have to exceed 200 transactions (payments received for goods and/or services). Personal and gift payments received are also netted out when calculating the 1099k threshold.

packCollector

not all of them were sent out today. I received one from an old paypal account today but not from my main account

JHS5120

<< <i>Sales Activity: $39,317
Purchase Activity: $38,945

Looks like I sold $362 more than I bought. >>




I wish it worked like that

Unfortunately, your total purchase activity doesn't play much of a role. It's just the total cost associated with what you sold.

msassin

Still waiting for my form to arrive...anyone else?

llafoe

<< <i>Still waiting for my form to arrive...anyone else? >>



Nothing for me. Only 4 days until 31 January!

illinifan912

we're you guys over/near the thresholds?