ebay/paypal 1099

[KevinKR500]

I know you half to get 200 sales and $20,000 total.
My question is that yearly or just when you hit $20.000 total and 200 sales?
Because im almost at $20,000 but that from years 2010 to 2014



Kevin

[yankee]

Originally Posted by KevinKR500

I know you half to get 200 sales and $20,000 total.
My question is that yearly or just when you hit $20.000 total and 200 sales?
Because im almost at $20,000 but that from years 2010 to 2014



Kevin

Tax year is January 1st-December 31st.

Anytime during a fiscal year you process 200 CREDIT card transaction and at least 20K in dollar value you will be receiving a 1099K

[KevinKR500]

Originally Posted by yankee

Tax year is January 1st-December 31st.

Anytime during a fiscal year you process 200 CREDIT card transaction and at least 20K in dollar value you will be receiving a 1099K

So every year it resets back to zero dollars and zero sales?

[yankee]

Originally Posted by KevinKR500

So every year it resets back to zero dollars and zero sales?

Yes. Same as any other tax recordings. W2, 1099 etc.. are all January 1st0December 31st. Fiscal tax year.

[KevinKR500]

Originally Posted by yankee

Yes. Same as any other tax recordings. W2, 1099 etc.. are all January 1st0December 31st. Fiscal tax year.

Thank you yankee

[GreenBean]

In case you have not yet noticed, paypal is the party to 1099.

There's dozens of threads in this part of the forum:

PayPal Talk - eBay Suspension & Paypal Limited Forums

Read thro' them. You need to bring youself up to speed with this soon.

Also, realize that paypal can and do ask for details on projected sales. So you have to be careful of how you sell.

[pokerpro]

Yes, don't sell 100 items in January, because paypal will think that based on that, you will go over 200 for the year and may ask for SSN...etc, etc.

[RosieTosie]

That's the trick for you guys over in the US, the key word being PROJECTED amounts, if you don't want to get tax enquiries getting heavy, you make, or buy off here, more stealth accounts and sell on those, making sure that over the 1st half of the year especially you don't sell so much in each month that it can be worked out that you will sell near 200/20,000 for the 12 months, it can be done, staying under that limit by using enough accounts to spread your sales, bringing in income for you, even if you have constantly for a while at least be making new accounts

[yankee]

What you can get away with in velocity on an account in November and December is exceedingly different in January.

[rsot]

Make few accounts and spread sales is also a good approach OP