OT: Anyone get their 1099 from paypal yet?

[ChiefBenderForever]

Wondering if are keeping to their word of 200 transactions and 20k combo or just going to fk everyone. My guess is some people did what was in the guidelines and will get reported anyways. Did you do 20k in sales? Also if you did over 200 transactions for only 10k and sold 12k in PayPal or money owed wouldn't be surprised to see you get reported as it totals 200 and 20k even though not all on eBay. Let the nightmares begin......

[rhettyeakley]

I just got mine in the mail today.
-Rhett

[Tim Zwick]

Just got mine today also

[slidekellyslide]

Got mine today too.

[timber63401]

Thanks guys. I bet mine shows up in a day or two.

[Runscott]

I just got an email from them, asking for my tax i.d.

I'm wondering - what if you sold off $30K worth of stuff you've had for years (maybe your comic books from childhood, junk, etc.). If you are going to reference this Paypal 1099 in your tax return, how do you offset that $30K that's not legitimately part of any business? Or do you just have to pay full taxes on it?

[Leon]

Originally Posted by Runscott

I just got an email from them, asking for my tax i.d.

I'm wondering - what if you sold off $30K worth of stuff you've had for years (maybe your comic books from childhood, junk, etc.). If you are going to reference this Paypal 1099 in your tax return, how do you offset that $30K that's not legitimately part of any business? Or do you just have to pay full taxes on it?

You either show and be able to prove your cost basis (to get your gains) or you pay the whole thing as income/capital gains. So if your comics cost $100 and you sold them for 30k, your profit (check to see if it's long term capital gains as that probably have a different tax rate) would be $29,900. I am getting 1099s out the wazoo for things I have done......it's all good I guess. I think that is the gist of it but please consult someone who knows more than I do.