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Old 01-22-2013, 07:07 AM   #1 (permalink)
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Exclamation Official 2013 "OMG, I Got A PayPal 1099-K" Thread

Let's put all the 1099K stuff for this year in one thread

This is the first year I've been special enough to get one.

My suggestion for those with tax questions is to check out this thread:

IRS PayPal questions!? Help Us!!
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Old 01-22-2013, 10:25 AM   #2 (permalink)
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I got an e-mail stating I'll be getting one in the mail as well. How exciting, I feel special!
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Old 01-22-2013, 10:26 AM   #3 (permalink)
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I got one on Sunday...
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Old 01-22-2013, 10:49 AM   #4 (permalink)
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Got one about 5 days ago. Yay me!
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Old 01-22-2013, 10:58 AM   #5 (permalink)
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Got mine last week! I think I will be getting a professional to do my taxes this year instead of TurboTax.
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Old 01-22-2013, 11:13 AM   #6 (permalink)
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got mine in the begining of the week.

i did not realize i sold/group break/group submission - $35,500

about $10k was from group breaks/subs hosted here, so i still would have gotten one. but i already know i should be in the "clear" as my cost this year was over $40k

i am all itemized and ready to go, i just need my dang W2 from work... slackers
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Old 01-22-2013, 12:31 PM   #7 (permalink)
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did everyone that got a 1099 from Paypal this year fall in the " receive more than $20,000, and receive more than 200 payments" range?
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Old 01-22-2013, 12:32 PM   #8 (permalink)
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Quote:
Originally Posted by mindbinge View Post
did everyone that got a 1099 from Paypal this year fall in the " receive more than $20,000, and receive more than 200 payments" range?
Yes--I knew I was going to get one this year. I met both criteria by a good bit.
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Old 01-22-2013, 12:37 PM   #9 (permalink)
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low roller here:

Here are your 2012 tax documents.
Document Description
You have no 2012 tax documents.
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Old 01-22-2013, 02:19 PM   #10 (permalink)
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My 1099 shows 31k in sales, but my paypal account shows 40k spend for 2012, or roughly a 9k loss.

Other than providing that info, what else do I need to show that proves I lost money, and did not actually make an additional 31k this year via paypal sales?
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Old 01-22-2013, 03:21 PM   #11 (permalink)
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Quote:
Originally Posted by mgugs46 View Post
My 1099 shows 31k in sales, but my paypal account shows 40k spend for 2012, or roughly a 9k loss.

Other than providing that info, what else do I need to show that proves I lost money, and did not actually make an additional 31k this year via paypal sales?
You don't provide the IRS any 'proof' when filing. 'Proof' is needed if you are asked to confirm (an audit) your filing.
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Old 01-22-2013, 03:46 PM   #12 (permalink)
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I got one for 126K
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Old 01-22-2013, 04:14 PM   #13 (permalink)
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Quote:
Originally Posted by dthimesch View Post
I got one for 126K
Baller! Are you running breaks or is that all you?
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Old 01-22-2013, 05:04 PM   #14 (permalink)
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Quote:
Originally Posted by monkeymcgee View Post
Baller! Are you running breaks or is that all you?
I only started running breaks the last month or so of the year. I used to sell in high volume for a guy.

from that 126k in payments received my payments sent is 66k and I paid 31k to the guy I sold for. That leave about 30k for me to come up with in expenses. No worries though I shouldn't have a problem.
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Old 01-22-2013, 10:33 PM   #15 (permalink)
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Quote:
Originally Posted by mgugs46 View Post
My 1099 shows 31k in sales, but my paypal account shows 40k spend for 2012, or roughly a 9k loss.

Other than providing that info, what else do I need to show that proves I lost money, and did not actually make an additional 31k this year via paypal sales?
overall spend doesn't matter, you only subtract the cost of what you actually sold.
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Old 01-23-2013, 11:19 AM   #16 (permalink)
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Quote:
Originally Posted by uberfatty View Post
overall spend doesn't matter, you only subtract the cost of what you actually sold.
That is not true.

Its always threads like this that show people need to use an accountant for taxes.
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Old 01-23-2013, 12:35 PM   #17 (permalink)
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Anyone know if the IRS still has a bounty program for reporting tax fraud? Might be an easy way to make some money off of some people on here....
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Old 01-23-2013, 01:31 PM   #18 (permalink)
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Just keep all your receipts and you'll never have a problem
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Old 02-18-2013, 09:23 AM   #19 (permalink)
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I have given a name to my pain, and it is AMT.

Wow--this year is going to suck hard.

I think I'm just going to stop selling after I get this tax bill paid. It's just not worth it anymore.
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Old 02-18-2013, 09:58 AM   #20 (permalink)
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Feel your guy's pain on taxes. Key will be finding deductions, cause the IRS knows your net income from Paypal. While you may not have kept receipts, a lot of stuff is probably tracked in ebay (assuming that is where you sell, or online to somewhere). Shipping is an expense (maybe you use ebays online shipping system, as well as (supplies maybe bought online?). As well you guys are likely using Paypal to purchase new inventory for your business which is an expense. Do you guys do your business your luxury of your home? Well then your home is your business/(office). You can write off your rent and utilities. If you paid 25k this year in rent and your utilities were $1,500 (gas, electric, ect). You basically take a % of that total cost from the space you use for your business SQ feet of (office business) from total SQ feet of house. This makes a huge deduction, just don't try and be super shady and where you can justify. Your whole house can't be your office/business cause you walk around the house while doing business. Basically anywhere solely used for business. Just a few things to think about. I'm not an accountant. As well don't PM me with tax questions, if you need lots of help contact a professional. Oh, and you can really put anything you want as far as expenses, but what fullmetal, said if you get audited you will need to prove all and anything stated. Just wanted to throw out some possible expenses if you are taking the do it yourself route. Sounds as well for some of you it's time to start charging tax to buyers on Ebay which sucks cause you definitely loose out on sales, I personally avoid them, #@#@#@#@ add 10%+ to my purchase? no thank you.
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Old 02-18-2013, 08:46 PM   #21 (permalink)
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Also if you use your vehicle for business you can write off mileage at 0.555 per mile. I travel a ton for business and it is close to a 5 figure write off. Keep track of it well.
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Old 02-18-2013, 08:51 PM   #22 (permalink)
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I didn't keep receipts but I'd assume the Paypal transactions that show cases purchased from BO, or supplies purchased or shipping purchased from USPS would be valid enough.
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Old 02-18-2013, 08:59 PM   #23 (permalink)
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Quote:
Originally Posted by mgugs46 View Post
I didn't keep receipts but I'd assume the Paypal transactions that show cases purchased from BO, or supplies purchased or shipping purchased from USPS would be valid enough.
Yes you can download your history and view it in a spreadsheet.

Additionally, make certain that you deduct the paypal fees, as the 1099 reports gross, not net receipts. That 2.9 +0.35 adds up fast. It is in a separate column on the history download.
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Old 03-18-2013, 05:13 PM   #24 (permalink)
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i received a 1099k and filed through turbotax. i ended up having to pay around 2500 (everyone, keep your receipts and records). Do I get any of this back next year? this is all new to me sorry if this is a stupid question
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Old 03-18-2013, 07:06 PM   #25 (permalink)
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Remember to take all your tax deductions that you can because it can amount to a huge tax reduction/savings that alot of people don't realize. People want to complain about losing money on rips, not realizing that at the end of the year come tax time that you can help ease those losses on bad rips.
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