Blowout Cards Forums
Email Signup

Go Back   Blowout Cards Forums > BLOWOUTS HOBBY TALK > BASEBALL

BASEBALL Post your Baseball Cards Hobby Talk

Reply
 
LinkBack Thread Tools Display Modes
Old 01-31-2012, 01:56 PM   #1 (permalink)
Member
 
Join Date: Oct 2010
Posts: 2,849
Default WTF! I only sold $5,000 and got a 1099-k from paypal today

Just joking! Thought I'd put a scare into some of you guys out there who have been worrying about the paypal tax forms.
jr24ai3 is offline   Reply With Quote
Old 01-31-2012, 02:01 PM   #2 (permalink)
Member
 
guru's Avatar
 
Join Date: Jul 2007
Location: Central, KY
Posts: 15,747
Default

Yep, if you made 200+ sales you will get one no matter what the total amount is.
__________________
Follow me on Twitter - @ebayguruEric

Now Collecting: Ken Griffey Jr. & Kevin Garnett
guru is offline   Reply With Quote
Old 01-31-2012, 02:02 PM   #3 (permalink)
Member
 
VWBUS1978's Avatar
 
Join Date: Jul 2011
Location: SOUTH JERSEY
Posts: 5,706
Default

haha, i went and checked... nothing yet. i use a paypal credit card to buy everything i open. except when i am scrapping steel or copper for some cold hard cash. I am sure they take into account 99% of my sales are "hobby" related and at a loss compared to what i spend.

If you're buying from an LCS to sell/flip, please keep all of your receipts. I'm no tax professional, but if i can show a loss (even though my collection would put me into a profit) they will not tax loss.

Plus! you get to write off all state sales tax.

of course, i could be 100% wrong, i am not claming knowledge of anything tax related.
__________________
the fact that we exist, in a universe of sheer randomness, is scientific proof that there are aliens.
we are the aliens.
i can say that with 100% accuracy.
VWBUS1978 is offline   Reply With Quote
Old 01-31-2012, 02:03 PM   #4 (permalink)
Member
 
Join Date: Oct 2010
Posts: 2,849
Default

If you are getting one, you should have received an email yesterday from paypal stating that they are sending out forms by the end of the month.
jr24ai3 is offline   Reply With Quote
Old 01-31-2012, 02:04 PM   #5 (permalink)
Member
 
Join Date: Oct 2010
Posts: 2,849
Default

Quote:
Originally Posted by guru View Post
Yep, if you made 200+ sales you will get one no matter what the total amount is.
200 sales AND over 20k.
jr24ai3 is offline   Reply With Quote
Old 01-31-2012, 02:04 PM   #6 (permalink)
Member
 
monkeymcgee's Avatar
 
Join Date: Apr 2010
Location: VA
Posts: 7,187
Default

Edited: Never mind--not going to give out tax advice when it's not my area of expertise.

I will say this: check out IRS publication 535

Last edited by monkeymcgee; 01-31-2012 at 02:20 PM. Reason: Fixing an error and adding info
monkeymcgee is offline   Reply With Quote
Old 01-31-2012, 02:05 PM   #7 (permalink)
Member
 
pac213up's Avatar
 
Join Date: Aug 2007
Posts: 4,756
Default

With or without the 1099 people should be reporting their income. I have a feeling those walking the thin line are going to pay for it down the road.
pac213up is offline   Reply With Quote
Old 01-31-2012, 02:08 PM   #8 (permalink)
Member
 
monkeymcgee's Avatar
 
Join Date: Apr 2010
Location: VA
Posts: 7,187
Default

Quote:
Originally Posted by pac213up View Post
With or without the 1099 people should be reporting their income. I have a feeling those walking the thin line are going to pay for it down the road.
+10000

You don't want to fool with the IRS
monkeymcgee is offline   Reply With Quote
Old 01-31-2012, 02:08 PM   #9 (permalink)
Member
 
VWBUS1978's Avatar
 
Join Date: Jul 2011
Location: SOUTH JERSEY
Posts: 5,706
Default

Quote:
Originally Posted by jr24ai3 View Post
If you are getting one, you should have received an email yesterday from paypal stating that they are sending out forms by the end of the month.
sweet.... i am way over 200 transaction
__________________
the fact that we exist, in a universe of sheer randomness, is scientific proof that there are aliens.
we are the aliens.
i can say that with 100% accuracy.
VWBUS1978 is offline   Reply With Quote
Old 01-31-2012, 02:09 PM   #10 (permalink)
Member
 
Join Date: Oct 2010
Posts: 2,849
Default

Quote:
Originally Posted by pac213up View Post
With or without the 1099 people should be reporting their income. I have a feeling those walking the thin line are going to pay for it down the road.
Agree you should report it. The problem some people have is they flip cards for very little profit. So they take in 20k, but only make a thousand or 2. Obviously they have to start keeping better records of what they spend. It's like going to the casino 10 times a year and winning $200 each time. How many people are keeping track of such small gains?
jr24ai3 is offline   Reply With Quote
Old 01-31-2012, 02:25 PM   #11 (permalink)
Member
 
DaveTaplin's Avatar
 
Join Date: Aug 2010
Location: West Gardiner, Me
Posts: 1,206
Default

I sold mostly games and toys. Sales were 25K plus 11K in shipping, 1099K says 36K.

A lot of people are going have to spend a lot of time removing all the deductions.
DaveTaplin is offline   Reply With Quote
Old 01-31-2012, 02:34 PM   #12 (permalink)
Banned
 
Join Date: Apr 2011
Location: Michigan
Posts: 8,787
Default

I didn't make 10000 in sales and I got a form?
nuccionino is offline   Reply With Quote
Old 01-31-2012, 03:21 PM   #13 (permalink)
Member
 
Join Date: Oct 2010
Posts: 2,849
Default

Quote:
Originally Posted by nuccionino View Post
I didn't make 10000 in sales and I got a form?
Are you asking if you will get a form?
jr24ai3 is offline   Reply With Quote
Old 01-31-2012, 03:21 PM   #14 (permalink)
Member
 
Cubs_rock21's Avatar
 
Join Date: Dec 2010
Location: Indiana
Posts: 7,464
Default

Sucks cause my sales and income are wayyy off...Im pretty sure ill get a form for over 200 payments...I constantly buy off eBay and flip right back, thus I may spend $1,000 and resell for $1,200...Than use that 1200 and flip those cards for 1300...Thus I only made 300.00 yet sales are 2500...#@#@#@#@ the tax man
Cubs_rock21 is offline   Reply With Quote
Old 01-31-2012, 03:23 PM   #15 (permalink)
Approved Group Break Host
 
imnotded's Avatar
 
Join Date: Sep 2011
Location: Sonora, CA
Posts: 3,304
Default

Quote:
Originally Posted by pac213up View Post
With or without the 1099 people should be reporting their income. I have a feeling those walking the thin line are going to pay for it down the road.
A flat tax would fix this issue! But for now you are correct!
imnotded is offline   Reply With Quote
Old 01-31-2012, 03:28 PM   #16 (permalink)
Member
 
Join Date: Oct 2010
Posts: 2,849
Default

Quote:
Originally Posted by Cubs_rock21 View Post
Sucks cause my sales and income are wayyy off...Im pretty sure ill get a form for over 200 payments...I constantly buy off eBay and flip right back, thus I may spend $1,000 and resell for $1,200...Than use that 1200 and flip those cards for 1300...Thus I only made 300.00 yet sales are 2500...#@#@#@#@ the tax man
It's 200 payments AND 20k in sales.
jr24ai3 is offline   Reply With Quote
Old 01-31-2012, 03:32 PM   #17 (permalink)
Member
 
Cubs_rock21's Avatar
 
Join Date: Dec 2010
Location: Indiana
Posts: 7,464
Default

..............double post
Cubs_rock21 is offline   Reply With Quote
Old 01-31-2012, 03:34 PM   #18 (permalink)
Member
 
Cubs_rock21's Avatar
 
Join Date: Dec 2010
Location: Indiana
Posts: 7,464
Default

Quote:
Originally Posted by jr24ai3 View Post
It's 200 payments AND 20k in sales.
i gotcha...It says my sales to date are 46,000 since 2003...with 1274 transactions...I had 212 transactions last year, so im guessing it wont be 20K considering over 1,000 transactions were 2010 and before
Cubs_rock21 is offline   Reply With Quote
Old 01-31-2012, 03:34 PM   #19 (permalink)
Member
 
VWBUS1978's Avatar
 
Join Date: Jul 2011
Location: SOUTH JERSEY
Posts: 5,706
Default

have they already posted these in your paypal?

just curious, i am at $17,000 on eBay and way over 200 transactions, just wondering if they were posted, cause my paypal shows no tax documents for 2011.
__________________
the fact that we exist, in a universe of sheer randomness, is scientific proof that there are aliens.
we are the aliens.
i can say that with 100% accuracy.
VWBUS1978 is offline   Reply With Quote
Old 01-31-2012, 03:41 PM   #20 (permalink)
Member
 
Cubs_rock21's Avatar
 
Join Date: Dec 2010
Location: Indiana
Posts: 7,464
Default

Quote:
Originally Posted by VWBUS1978 View Post
have they already posted these in your paypal?

just curious, i am at $17,000 on eBay and way over 200 transactions, just wondering if they were posted, cause my paypal shows no tax documents for 2011.
everyone got an email claiming that if they get a 1099 form by the end of the month that means they have exceeded 200 trans. and 20K in sales
Cubs_rock21 is offline   Reply With Quote
Old 01-31-2012, 03:43 PM   #21 (permalink)
Banned
 
Join Date: Apr 2011
Location: Michigan
Posts: 8,787
Default

Quote:
Originally Posted by jr24ai3 View Post
Are you asking if you will get a form?
I did get one
nuccionino is offline   Reply With Quote
Old 01-31-2012, 03:50 PM   #22 (permalink)
Member
 
Cubs_rock21's Avatar
 
Join Date: Dec 2010
Location: Indiana
Posts: 7,464
Default

Quote:
Originally Posted by nuccionino View Post
I did get one
its not a form, just an email stating that IF you get one at the end of the month than you surpassed 20,000 in sales and 200 payment
Cubs_rock21 is offline   Reply With Quote
Old 01-31-2012, 03:53 PM   #23 (permalink)
Member
 
Chaddie84's Avatar
 
Join Date: Jul 2010
Location: Fargo, ND
Posts: 6,141
Default

I used to buy used items and flip them on eBay for profit. I had my own Tax-ID and was on the up-and-up for 3 years. Since then, I've simmered down and shut down the business. The only stuff I sell is personal items which I am simply getting rid of. My concern is parallel to many others in this thread. Do I honestly need to keep an itemization of all spending on items which I eventually resell for loss? Where is the line? If I seel a bunch of junk at a Garage sale for $500, do I need to report it to the IRS?
__________________
COMC Auto-Accept Set at 20%

Lots of [???], [Missing] and #N/A at ROCK BOTTOM PRICES!
Chaddie84 is offline   Reply With Quote
Old 01-31-2012, 04:01 PM   #24 (permalink)
Member
 
DaBaddestHic's Avatar
 
Join Date: May 2011
Location: Chicago
Posts: 2,350
Default

Quote:
Originally Posted by Chaddie84 View Post
I used to buy used items and flip them on eBay for profit. I had my own Tax-ID and was on the up-and-up for 3 years. Since then, I've simmered down and shut down the business. The only stuff I sell is personal items which I am simply getting rid of. My concern is parallel to many others in this thread. Do I honestly need to keep an itemization of all spending on items which I eventually resell for loss? Where is the line? If I seel a bunch of junk at a Garage sale for $500, do I need to report it to the IRS?
I think that if you're ONLY selling things at a loss then no, you don't have to report anything. That's why you don't have to report garage sale earnings - you're not actually making any profit selling an old TV for $15 lol.
__________________
Supercollecting Carlos Delgado (Always looking - PM me) Also collecting Braves and Kevin Plawecki
I hate negotiating and will make already fair offers if I have to first
Bucket: http://tinyurl.com/c3f88eh
DaBaddestHic is offline   Reply With Quote
Old 01-31-2012, 04:06 PM   #25 (permalink)
Member
 
kevinandji's Avatar
 
Join Date: Dec 2011
Location: San Jose, CA
Posts: 862
Default irs...

Bottom line is they want their money and all income and all unpaid sales tax is supposed to be listed. Do most people report the $1000 they saved in out of state sales tax purchases? Probably not...As with anything else in life...your truth is your truth. Was the couch you wrote off as a donation worth $500 or $100, etc. Since only 1% get audited not too much to stress about. I keep my taxes on point and never had a problem. Many people who take liberty never get caught and when they do the government usually settles for much less than owed. It is one big crap shoot. The Feds better hope I do not start writing off cards because I have been slaughtered this year...Hopefully the 2 cases of Rookie Retro I am awaiting will turn it all around? YEAH RIGHT...
kevinandji is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 03:02 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
Copyright 2013, Blowout Cards Inc.