Results 11 to 18 of 18
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01-22-2013, 10:53 PM #11
well i spent more than i sold on cases so i entered all that info and i get more of a refund. way to go irs cost the government more money.
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01-22-2013, 11:42 PM #12
I hope that you kept your receipts. Don't forget about shipping costs either. Those should be tracked in Paypal and should be easy to total up.
GL & cheers,
reoddai
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01-22-2013, 11:50 PM #13
This is one of the ways that a 1099K must be filled out, which is under Internal Revenue Code, Section 6050W.
The other way is by accepting payment cards as a form of payment (credit cards, debit cards, electronic transfer from a bank account, paypal bill me later, etc...)
Third party merchants must report any forms of profit or revenue to the IRS per the PSE.
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01-23-2013, 12:57 AM #14
ya keep track there are ways to see cash flow in and cash flow out on paypal too.... which is a simple way to put it all together.
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01-23-2013, 07:06 AM #15
Not an accountant, but I looked into this when I found out you can deduct hobby expenses on your taxes. However, the way I understood it was that, like gambling losses, you can only claim hobby expenses to the extent that you claim hobby income. If you spent $1000 last year and sold cards for $500, you can only deduct $500 in expenses.
Please, correct me if I am wrong.Hidden Content
Collecting: Hidden Content (95% complete) / Hidden Content (88.4% complete) / Eric Lindros (35% complete) / Ilya Kovalchuk (45% complete)...and to a lesser extent...Hidden Content (65% complete) / Hidden Content (48% complete) / Brian Propp (70% complete)
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01-23-2013, 09:00 AM #16
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01-23-2013, 12:19 PM #17
Do you have to include all receipts when you file? I have about 150 USPS receipts used for shipping.
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01-23-2013, 02:01 PM #18
You are correct, sir. The difference is that if you can classify as a 'business' and file as such, you can claim losses. In the States, you can only do this for a couple of consecutive years before they will 'auto-correct' you to hobby status.
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