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Old 01-04-2014
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Default 1099K and high volume/low price sales

Hello everybody. I have been reading a lot about 20,000 sales AND 200 transactions on these forums and many other ones but yet havent found exact answer just rather a slight assumption on when to expect 1099k form to be sent out. I have talked to some vets over on these forums, which gave me a better view on this whole picture but yet havent exactly answered my question. I am aware of "projectile sales" as well. So, I basically sell 10-25 dollars worth items, my accounts are business, and limits are 100/5000 at the start. And I basically fill out all 100 transactions with 1,300-1,800 per month. I am planning to lower my $ transaction limit to 1000 a month and 50-70 transactions. Yet If I were to use the account for the whole year it would only give me 12,000 BUT 600-840 transactions, so my question "has anyone who has done this scheme with high volume/low price been hit with 1099k? And if YES, then at what point of time and what were your SALES and TRANSACTIONS at ?" I am aware of "projectile sales" but if you are keeping amount of money on a monthly basis at lowest (1000 in my case) that isnt supposed to trigger 1099k form, right? I am very sure this topic will be helpful to plenty of members as I myself who had spent hours and hours looking for answer couldnt find exact answer.

Last edited by epimetheus039; 01-04-2014 at 04:40 PM.
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Old 01-04-2014
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Default Re: 1099K and high volume/low price sales

Sorry I have not done such high volume but I know you will soon be hit with that limit because of such the volume.

Anyhow I am replying as I have a question, are you using other accounts or is this your only one? You may want to diverse between 3-5 accounts and you will not even have to worry about number of items. May sound like a bad idea or you may have one but it is <100 feedback vs your 10k feedback account - if something happens to the large account and your relying to pay bills and rent from it, you may be sol then.
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Old 01-04-2014
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Default Re: 1099K and high volume/low price sales

ye, I have 5 accounts right now, which are all different as some of those were made by me and some were bought such as the one I have right now with 100/5000$ for the start limits. I started off by listing 100 items right away since they are cheap 10-20 USD. I guess it's all trial and error. We will see what happens to this account by the end of the month. I still think it doesnt make sense to ask me for SSN/EIN/TIN based on volume alone since I could be selling $1 worth items, so in the end with those 1000+ transactions per year I would only be making 1000 dollars minus expenses, which is even less.
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Old 01-07-2014
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Default Re: 1099K and high volume/low price sales

Has anyone had experience in that ?
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Old 01-07-2014
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Default Re: 1099K and high volume/low price sales

i believe that you must pass both the dollar amount and the quantity in order for PayPal to report your gross to the IRS
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