OT: IRS Paypal Tax Situation - Net54baseball.com Forums

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10-18-2016, 05:52 PM

ajjohnsonsoxfan ajjohnsonsoxfan is offline

A.J. Johnson

Member

Join Date: Jun 2014

Location: Los Angeles

Posts: 1,528

This happened to me last year and I had to go back and resubmit returns showing COGS and expenses to offset the gains as Paypal only reports total incoming amount of account. The real shitty part is I use my Paypal account for a lot of other things including collecting entrance fees for fantasy baseball, softball dues and various others non hobby related things that have nothing to do with income earned. I had to open another paypal account under my wife's name/info to split up the transactions to fall below the 200/$20,000 threshold

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Last edited by ajjohnsonsoxfan; 10-18-2016 at 05:53 PM.

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