Author Topic: IRS, Taxes, Ebay and Paypal  (Read 282 times)

tommot

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IRS, Taxes, Ebay and Paypal
« on: February 08, 2018, 02:03:42 PM »
Hi Everyone

I just received a 1099=K form for PayPal and being from Mass, I have to pay taxes on my sales as reported by PayPal. I've been selling off a lot of my accumulated stuff due to health issues. Now I have to offset my sales with what the original purchase price was for the items I purchased. Hell, I've had some of this stuff for 30, 40 years, good luck finding receipts for these. Right now only Vermont and Mass are collecting taxes on sales over $600. Just curious, is any else dealing with these taxes and if so how are you handling it if you don't have receipts?

Tom

BandOGuy

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Re: IRS, Taxes, Ebay and Paypal
« Reply #1 on: February 08, 2018, 02:20:24 PM »
Darn glad I moved out of the Peoples Republic of Massachusetts!
I'm not a CPA and I don't offer tax advice, but common sense tells me you need to find a good CPA. I know one in Plymouth who might answer your question. Call Ben Husted at Husted & Husted in Plymouth (508) 747-6447. Tell the receptionist what the problem is and that I suggested you call. Ben's crazy busy enough right now, but you might get a return call from him.
Chip Stevens
Formerly from Plymouth, MA.
Working on my second million. I gave up on the first.

tommot

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Re: IRS, Taxes, Ebay and Paypal
« Reply #2 on: February 08, 2018, 02:23:20 PM »
Thanks Chip

rpdylan

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Re: IRS, Taxes, Ebay and Paypal
« Reply #3 on: February 08, 2018, 02:57:22 PM »
yeah, I moved out of Mass. 15 years ago-- was super expensive to live there.  Would be better if items were sold thru the forum/privately but then you have to deal with payment by check, I guess.  although Ebay and Paypal fees would be avoided and so would State taxes....
Bob C.

tct855

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Re: IRS, Taxes, Ebay and Paypal
« Reply #4 on: February 08, 2018, 04:30:29 PM »
Hi Everyone

I just received a 1099=K form for PayPal and being from Mass, I have to pay taxes on my sales as reported by PayPal. I've been selling off a lot of my accumulated stuff due to health issues. Now I have to offset my sales with what the original purchase price was for the items I purchased. Hell, I've had some of this stuff for 30, 40 years, good luck finding receipts for these. Right now only Vermont and Mass are collecting taxes on sales over $600. Just curious, is any else dealing with these taxes and if so how are you handling it if you don't have receipts?

Tom




T~,
   ;D  Welcome to Taxechusetts!  I got mine also.  I don't keep any receipts, let alone even look at the bill.  As long as I stay here, I'm reserved to pay pay pay.  As far as dealing with this corruptly managed state,  I'll just say this: Mass is one of the leading alcohol consuming states in the union.  Just sayin'. ;D
                                                                                                                                                                                     Thanx Thom...

Blazeman

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Re: IRS, Taxes, Ebay and Paypal
« Reply #5 on: February 09, 2018, 08:21:45 AM »
When doing taxes in PA, one is asked about the total of purchases made that year using the internet that were not subject to PA's sales tax (6%). That number then is subject to the sales tax rate and entered on the form.

First paycheck today with new withholding. A bump that puts a few more $ in your pocket.

Oldguy

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Re: IRS, Taxes, Ebay and Paypal
« Reply #6 on: February 09, 2018, 11:18:22 AM »
Not on online sales here in Missouri.  Yet.  I have been selling off all my stuff that don't fit my revised era and NG items at a local swap meet/train show twice a year.  The State has been sending notices that I must pay sales tax on those sales.  Past receipts are of no use, since there is no deductions on cost of good purchased.  I inquired if the State goes around to all the garage sales and collect sales taxes on those.  Nope. 
Bob Dye
Livin large on a pond

ACL1504

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Re: IRS, Taxes, Ebay and Paypal
« Reply #7 on: February 09, 2018, 11:33:51 AM »
For Florida, you don't get an Ebay 1099 unless you sell more than $10,000 per year.

No State Taxes here either. But we don't need no more peeps moving here either. Just saying. I think we have half of Puerto Rico now.  Just saying again.

Tom ;D
If you hate plan A, you are certainly not going to like plan B!

Tom Langford
telsr1@aol.com

jimmillho

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Re: IRS, Taxes, Ebay and Paypal
« Reply #8 on: February 09, 2018, 01:48:03 PM »
Florida thinks you should pay taxes on anything you buy.  They call it a "use tax".

Jim
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The Best Teacher you ever had was the last mistake you made.

jerryrbeach

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Re: IRS, Taxes, Ebay and Paypal
« Reply #9 on: February 09, 2018, 02:17:15 PM »
For Florida, you don't get an Ebay 1099 unless you sell more than $10,000 per year.

No State Taxes here either. But we don't need no more peeps moving here either. Just saying. I think we have half of Puerto Rico now.  Just saying again.

Tom ;D

Gee, I guess this peep better go rip out the "For Sale" sign in my front lawn and change my plans to move south, that is, if I can find it under all the snow.   Just sayin'...   ROFL!
« Last Edit: February 09, 2018, 02:23:36 PM by jerryrbeach »
Jerry

 

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