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Paypal 1099 K Question

Started by bender9876,

20 posts in this topic

bender9876

bender9876

Posted
Posted

Might be wrong place but really dosent fit anywhere. Please dont scold. If someone pays me for coins sold here @ The Market Place & uses paypal gift. Does paypal report a sale? Last year (2015) I sold coins thru ebay & got hit with 1099K so want to be careful. Thanks for any help. Jim

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coinman1794

coinman1794

Posted
Posted
Might be wrong place but really dosent fit anywhere. Please dont scold. If someone pays me for coins sold here @ The Market Place & uses paypal gift. Does paypal report a sale? Last year (2015) I sold coins thru ebay & got hit with 1099K so want to be careful. Thanks for any help. Jim

 

Paypal gift revenue does appear on the Paypal 1099.

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Mr.Mcknowitall

Mr.Mcknowitall

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Posted
Are you asking how to evade paying taxes on your sales and profits?

 

Or correctly price so he does not get hammered and also pay the buyers share of taxes? He might also have a loss, and not a gain, and is not trying to avoid anything but not overpaying and paying taxes for someone else.

 

Ebay has a heck of a nerve doing that anyway, and the only reason they do it is because they set up an accounting blarney method to shift burden from themselves to the users.

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coinman_23885

coinman_23885

Posted
Posted
Might be wrong place but really dosent fit anywhere. Please dont scold. If someone pays me for coins sold here @ The Market Place & uses paypal gift. Does paypal report a sale? Last year (2015) I sold coins thru ebay & got hit with 1099K so want to be careful. Thanks for any help. Jim

 

Paypal gift revenue does appear on the Paypal 1099.

 

According to the link above, PayPal does not count or report PayPal gift income only that received as "goods or services."

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KMAG100

KMAG100

Posted
Posted
Are you asking how to evade paying taxes on your sales and profits?

 

Or correctly price so he does not get hammered and also pay the buyers share of taxes? He might also have a loss, and not a gain, and is not trying to avoid anything but not overpaying and paying taxes for someone else.

 

Ebay has a heck of a nerve doing that anyway, and the only reason they do it is because they set up an accounting blarney method to shift burden from themselves to the users.

 

Ebay is not associated to Pay Pals any longer.....They spun them off about 6 month ago. PP is a stand alone company.

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Mr.Mcknowitall

Mr.Mcknowitall

Posted
Posted
Are you asking how to evade paying taxes on your sales and profits?

 

Or correctly price so he does not get hammered and also pay the buyers share of taxes? He might also have a loss, and not a gain, and is not trying to avoid anything but not overpaying and paying taxes for someone else.

 

Ebay has a heck of a nerve doing that anyway, and the only reason they do it is because they set up an accounting blarney method to shift burden from themselves to the users.

 

Ebay is not associated to Pay Pals any longer.....They spun them off about 6 month ago. PP is a stand alone company.

 

Exactly my point.... :acclaim:

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Mr.Mcknowitall

Mr.Mcknowitall

Posted
Posted
Might be wrong place but really dosent fit anywhere. Please dont scold. If someone pays me for coins sold here @ The Market Place & uses paypal gift. Does paypal report a sale? Last year (2015) I sold coins thru ebay & got hit with 1099K so want to be careful. Thanks for any help. Jim

 

Paypal gift revenue does appear on the Paypal 1099.

 

According to the link above, PayPal does not count or report PayPal gift income only that received as "goods or services."

 

Read what I wrote, again. I said Ebay. ;)

 

I am referring to the sleight of hand shift of tax burden they pulled with the Paypal deal.

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RWB

RWB

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"Kind of aggressive question don't you think? Why don't you worry about your own taxes."

 

Not aggressive at all. Nothing wrong with legally avoiding taxes....evasion is a different matter. :)

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bender9876

bender9876

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RWB, I know where your heading with that loaded statement. NO Im not trying to avoid anything it was a question. I happen to have a sick family member that Im helping thru a rough time & I probably will paypal gift her over the 20 K. Till she gets on her feet & did not want to burden her with the tax mess, its killing her that she needs my help. Thanks for the positive comments, my question was answer. Jim

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Nutmeg Coin

Nutmeg Coin

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Posted

Or he could use Delaware or Nevada as a tax haven: http://www.nytimes.com/2012/07/01/business/how-delaware-thrives-as-a-corporate-tax-haven.html?_r=3 With all the IRS budget cut backs you sort of wonder whether they have any resources to go after all the tax cheats.....http://www.pogo.org/blog/2016/04/irs-corporate-tax-recovery-suffers-deep-budget-cuts.html?referrer=https://www.google.com/

 

An accountant from Virginia had a group of gold coins in OH PCGS slabs; the hitch was that he wanted cash only because he said he was selling the collection for his aunt. I was interested in several and verified his state accountant license with the board and sent him postal money orders; I figured that I would have sufficient recourse if he tried to scam me.

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numisport

numisport

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Of course above 20k threshold you should only be responsible for capital gains on any profits you made. You've already paid federal, state and local income taxes when coins were purchased. Just make sure you remember to pay out of state sales tax if you buy from dealers that are not in your state. doh!

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