taxguy
Responses from taxguy
| Paypal Changes for 2022 Re the Form 1099 reporting to the IRS, some concepts above are being mixed together. The amount on the Form is not "income", it's only the total "gross proceeds from the sale(s)". To determine income (actually "gain"), you subtract your cost of th... | |
| Paypal Changes for 2022 I think what UPS and FedEx are really saying about damage is that they don't insure against damage of the contents unless the packaging is damaged enough to damage the contents. They don't know how the shipper has packed things, and they aren't wi... | |
| THE IRS HAS TAKEN MY TRANSACTIONS VIA PAYPAL AND IDENTIFIED THEM AS TAXABLE INCOME zappas--If the IRS says that, likely see a tax accountant. Did they say you "did not file returns"? Or that you filed returns showing a tax was due, but did not "pay the tax"? If you filed, you need to work with the IRS to find the lost returns, i... | |
| THE IRS HAS TAKEN MY TRANSACTIONS VIA PAYPAL AND IDENTIFIED THEM AS TAXABLE INCOME The Form 1099 only reports gross sales proceeds, not gain that is taxable, because eBay (like a broker) doesn't know how much you originally paid for the item sold. Similarly, the IRS does not know, so if you failed to tell them, they assume it's ... |