 Important information about your PayPal account - Form 1099-K.
paypal is confusing does this mean Massachusetts (MA) and Vermont (VT) are required to do taxes and other states dont? read statement on bottom. I'm from California trying to get this clear. plus this account is under different name and different address if i would file how to go about it there is a EIN number. If i dont file the worst that can happen is ebay and paypal will be suspended? i did go over 20,000 but this was a nonprofit account which i sold all my families personal items.
EMAIL from paypal
During tax year 2017, Massachusetts (MA) and Vermont (VT) implemented Form 1099-K reporting requirements that are different from federal tax reporting requirements. These different reporting requirements mandate that PayPal report on account holders who receive payments for goods and services in excess of $600.
To comply with MA and VT state tax reporting requirements, we have issued you a Form 1099-K for tax year 2017. This form summarizes the gross payments you received through PayPal for the sales of goods, or services during the calendar year 2017.
You will receive this form in the mail soon, if you have not already received it.
We will send this information to MA and VT tax authorities to comply with respective state tax reporting regulations.
Note:
• For tax year 2017, PayPal will not report this information to the IRS since the payment volume is below the IRS federal reporting requirements.
• PayPal is not qualified to give you specific tax guidance and asks that you contact a tax professional.
• If you need more information about these specific state requirements, please visit that state tax authority's guidance at the following links:
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Then then email back saying???
Important information about your PayPal account - Form 1099-K
darren,
We recently sent you an email communication detailing differences between the 1099-K reporting requirements in the states of Vermont and Massachusetts and the federal tax reporting requirements.
This email was sent to you in error. Please disregard this previous communication, since your PayPal account is not associated with an address in either of those states and the differences highlighted in the email do not apply to you.
We apologize for any inconvenience this has caused.
Sincerely,
PayPal
Confused
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