1099-k form through paypal?

lightningboy

Did anyone else get an email from paypal stating that a 1099-K form is available to view in your paypal account. It stated that all gross receipts received during 2015 have been sent to the IRS.

1. Just curious if anyone else received it and how to find it in your paypal account
2. How are we to show cost of cards purchased if they have been purchased over time and sold in many increments?

Thanks, Tom

steel75

I thought you had to break a certain dollar amount before it became an issue.......could be wrong

MULLINS5

From what I understand it is $20k in sales AND 200 transactions but all income, regardless of dollar amount, is supposed to be listed when filing your taxes.

Littletweed

Paypal 1099-k form can be found by logging into paypal, at the top click "Activity," then to the right side of the page - "statements" then "tax documents." It should be there.

Figuring out cost of cards can be tricky. Best advice my accountant gave me was keep good records of everything, and be consistent in how you determine the value. I just filed my taxes and it was stressful.