2. vintage
  3. 183228-18818

DId you get that paperwork from the IRS about purchasing? over $600.00

So a friend of mine told me that if you purchase anything with pay pal and it is over $600.00 you will get a form from IRS and you will have to cut them a check.is this true? and does that mean I can't purchase from Ebay or any other audio site? say it ain't so.

gmosley
rcprince
3,074 posts
 

I doubt that, but if you have sales of over $600 through PayPal, then PayPal will file a Form 1099 with the IRS which could cause you to have tax liability.

audiosaurusrex's avatar
audiosaurusrex
320 posts
 

Yes it is for any sales and for tax year 2023 moving forward.

bigtwin's avatar
bigtwin
1,213 posts
 

The intent is to collect tax from people who are generating income (PROFIT) through sales.  I've hear of this person.  They were last seen riding into the sunset on their Unicorn.  🤣

newbee
4,767 posts
 

The IRS collects tax on profit made from sales. Many states, but not all, collect a sales tax made on internet purchases. That's its folks! :-)

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