OT: Anyone get their 1099 from paypal yet?

[ValKehl]

Tony - Having been an accountant (but, not a tax accountant) for my career (am now retired), it has always been second nature to me to save copies of cancelled checks as well as invoices from auction houses, TPGs, mail order dealers, eBay, etc.
Val

[e107collector]

Originally Posted by ValKehl

Tony - Having been an accountant (but, not a tax accountant) for my career (am now retired), it has always been second nature to me to save copies of cancelled checks as well as invoices from auction houses, TPGs, mail order dealers, eBay, etc.
Val

You can always make up the cost basis, and hope you don't get audited

Tony

[tonyo]

I suppose if I keep enough receipts from ebay and auction houses, that my records (emails) for transactions from net 54 BST will be believable enough, or is that too naive?

[Runscott]

Thanks for the insights. I don't know that I hit the requirements for 2011, but I sure hope not - I was completely in a 'hobby' mindset for several hobby buy/sell transactions, and was never concerned about having to prove it later. I do wonder how most of the ebayers just trying to supplement unemployment/retirement are going to deal with this.

If you think about it, $20,000 gross sales does not generally result in much profit - 15% profit is only $3,000. Taxes are much more than that.

[slidekellyslide]

I wonder how many 1099's hit the IRS this week from Paypal? It's got to be over 100,000.

[timber63401]

I hit the 200 payments received but most were small so the total is going to be well under 20000. I had no clue it would happen so when they sent me an email in December saying they might be sending me a 1099 I went back and printed all my paypal transactions and will go thru and itemize all the stuff I bought and resold and the Ebay and paypal fees ect to try to offset some of it. I still havent got a 1099 so if they are sending me one I hope to get it pretty quick.