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#386477
Wed Jan 16 2013 05:42 AM
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Joined: Jan 2005
Posts: 2,702
Veteran Member
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OP
Veteran Member
Joined: Jan 2005
Posts: 2,702 |
Does any body know for a "fact" about Ebay and their income tax rules ? Seems like in 2012 if you had 200 selling transactions or $20,000.00 in sales they were going to send out a form for you to declare on your taxes. I was wondering if this is true and will it be in affect for 2013 ?
Thanks in Advance, Doug
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Joined: Nov 2007
Posts: 3,359
Veteran Member
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Veteran Member
Joined: Nov 2007
Posts: 3,359 |
It's true..... My Dad got nailed by it last year.
***Wanted*** Always looking for Oilzum, Kunz, and Husky Cans, Signs and Smalls.
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Joined: Jan 2011
Posts: 1,187
Veteran Member
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Veteran Member
Joined: Jan 2011
Posts: 1,187 |
I got a form last year. I have heard nothing from paypal this year.
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Joined: Jul 2000
Posts: 8,509 Likes: 289
Moderator
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Moderator
Joined: Jul 2000
Posts: 8,509 Likes: 289 |
This is not going away. It is an IRS rule, not an eBay/Paypal rule. See: Paypal IRS Tax pageThe IRS will expect sellers that make a profit to show it on their tax forms even if there is no 1099 issued by Paypal because the numbers are lower than the minimum. More likely they will audit the 1099 recipients who don't declare the income, than the smaller guys.
Last edited by Oldgas; Wed Jan 16 2013 11:01 AM. Reason: spelling
Jim "Oldgas" Potts Your host and moderator
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