PayPal 1099k form?

[gokingsgo24]

Anyone else get one of these and what the heck is it. If they are going to make us pay taxes on cards we already paid taxes on buying them that's going to be the last strike in the hobby for me.

[13stepper]

Is this a US tax form?

[gokingsgo24]

Yes

[TheTGB]

Only sellers who exceed the IRS thresholds will receive Form 1099-K. Sellers exceed the IRS thresholds when they receive over $20,000 USD in gross payment volume for the sale of goods or services AND receive over 200 separate payments for goods or services in the same calendar year.

There is no such thing as non-taxable income.

[gokingsgo24]

My wife got one for less than $500

[gokingsgo24]

I've been selling on ebay for 8 years and never got one before

[TheTGB]

It is relatively new, within the last 2 years.

[pwaldo]

I don't get why people are shocked by this. The US continues to spend money and it is going to get worse with "free" healthcare. Where do you think all the stuff the government pays for comes from? It comes from taxes. You either have to raise taxes or cut spending so get ready to pay up everybody in the US.

[gokingsgo24]

Well I guess if they call this income I guess I can write off the cost for all the cases and group breaks. I have done

[Fred Bear]

Well I guess if they call this income I guess I can write off the cost for all the cases and group breaks. I have done

You certainly can.

They report revenue, but you only pay taxes on profits.