eBay Suspended & PayPal Limited Forums - Will MP have same reporting as PP?

It's 20k, not 10k.

I think people get this mixed up because $10k applies to another regulation. A single cash transaction of $10k or more has be be reported to FinCen.

phaz0rz

11-19-2020 08:18 AM

Re: Will MP have same reporting as PP?

Quote:

Originally Posted by martyjump (Post 1125701)

Will MP report taxes the same way as Paypal does? If sales reach 200 transactions and 20k?

Yes, it's the same. You have to cross both thresholds for them to create a 1099K for you.

The first account I got in did not cross 20k last year and did not have a 1099 made. I'd been taking it slow in the new ecosystem and had only sold about $16k on that account throughout the year.

agent006140

11-19-2020 08:43 AM

Re: Will MP have same reporting as PP?

There are many retail arbitragers who make very little money per transaction and count on high volume to stay profitable,the gross sales is so high,it easily triggers IRS for possible audit.

phaz0rz

11-19-2020 09:31 AM

Re: Will MP have same reporting as PP?

Yes but regardless of that, regulations are regulations and a 1099 is automatically generated if you pass 200 sales and $20k in sales in a calendar year. It doesn't make any difference what your profit is. That's why you're given the option to write off business expenses on your schedule C.

agent006140

11-19-2020 11:17 AM

Re: Will MP have same reporting as PP?

No one wants to be audited by IRS,it is stressful and time consuming,not to mention they may find something you dont want them to know

endless1

11-30-2020 11:42 PM

Re: Will MP have same reporting as PP?

of cause it is. 200 transactions or over $20.000

agent006140

12-01-2020 12:31 AM

Re: Will MP have same reporting as PP?

Quote:

Originally Posted by endless1 (Post 1128356)

of cause it is. 200 transactions or over $20.000

itis not OR ,it is AND

Zilligenaire

12-05-2020 08:40 AM

Re: Will MP have same reporting as PP?

Quote:

Originally Posted by agent006140 (Post 1128369)

itis not OR ,it is AND

No. It's 200 transactions or $20k in total sales. Whichever comes first

agent006140

12-05-2020 09:52 AM

Re: Will MP have same reporting as PP?

Quote:

Originally Posted by Zilligenaire (Post 1129238)

No. It's 200 transactions or $20k in total sales. Whichever comes first

You are wrong.
It is 200 transactions (business) AND $20,000,read IRS guidelines or go to Paypal or AMZN site

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