(Topic ID: 290092)

PayPal to start 1099 for everyone over $600

By Dr-Willy

3 years ago


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  • 22 posts
  • 16 Pinsiders participating
  • Latest reply 2 years ago by barakandl
  • Topic is favorited by 3 Pinsiders

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    #3 3 years ago

    Keep in mind that the 1099 only reports how much you RECEIVED in total from a source, but it is up to YOU to report the COST BASIS of that same material. So say you buy a machine for $6000, and then SELL it for $7500 using PAYPAL good and services. You will get a 1099 showing $7500, but when you do income taxes you would show your cost for material as a $6000 deduction.... netting a taxable income of $1500. Now if you bought that machine and added $500 worth of Mods, then you report that as a deduction as well... lowering your taxable income again. Reporting 1099 INCOME and COST BASIS (and reconcilliation of them) is up to you!

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