Yeah, a couple states lowered the threshold.  I think I am still Okay in Michigan.  I ended up selling some of my childhood baseball cards.  I would have no idea on how to determine cogs for those.  I did not sell them for much.

This year I think I am going to actually start selling some Lego.  So I figured I would start getting prepared now.  I buy almost all my sets online and keep the order email. 

As far as the inventory question, do most just go with 0 starting and 0 ending?  Just record what you sell during that year and how much the item cost for expenses?  Subtract materials, fees, shipping etc? Or are members keeping a running inventory?  Does anyone have an issue separating personal sets from business?  Curious how most do this. 

has anyone in Maryland under the old 20k but over 600 actually received a 1099 yet?

paypal says:

Quote

Some US States require merchant reporting at a lower threshold:
Vermont, Massachusetts, Virginia, Maryland: $600 USD in gross payment volume from sales of goods or services in a single calendar year regardless of the number of transactions;

i haven't received anything from paypal or ebay. 

if paypal doesn't provide me a copy is it fair to assume that they didn't send one to the state or irs?

i'm doing the schedule c anyways, but dont want their number to not match mine when they calculate sales tax and stuff as part of the gross payment

  

On 1/27/2021 at 1:49 PM, donehoarding said:

has anyone in Maryland under the old 20k but over 600 actually received a 1099 yet?

paypal says:

i haven't received anything from paypal or ebay. 

if paypal doesn't provide me a copy is it fair to assume that they didn't send one to the state or irs?

i'm doing the schedule c anyways, but dont want their number to not match mine when they calculate sales tax and stuff as part of the gross payment

I'm over $600, but under $20k. I've received nothing.

@LegoWalker4 @bouncer @brickvoyeur@167pilot @Pebble&Park

Sorry to call people out. All of you have at one point said you were in Maryland. Is anyone under 20k in Maryland receiving the 1099-K?

3 hours ago, AmazonSucks said:

  

I'm over $600, but under $20k. I've received nothing.

@LegoWalker4 @bouncer @brickvoyeur@167pilot @Pebble&Park

Sorry to call people out. All of you have at one point said you were in Maryland. Is anyone under 20k in Maryland receiving the 1099-K?

I've slid under 20k this year, and did most of my sales over other venues which have provided me the correct documentation. Local sales were huge this year as well. 

That being said, nothing in my tax documents in PayPal and the 1099 delivery date is approaching. Personally concerned a bit, as I want to ensure that my numbers match exactly what they are reporting... and that everything that I can write off is deducted. Discrepancies are not ideal.

1 hour ago, brickvoyeur said:

I've slid under 20k this year, and did most of my sales over other venues which have provided me the correct documentation. Local sales were huge this year as well. 

That being said, nothing in my tax documents in PayPal and the 1099 delivery date is approaching. Personally concerned a bit, as I want to ensure that my numbers match exactly what they are reporting... and that everything that I can write off is deducted. Discrepancies are not ideal.

Likewise...have not received the 1099-K and stayed under 20K this year.

Has anyone got 1099 from eBay / Managed Payment yet? 

eBay is so lame

 

5 hours ago, Darth_Raichu said:

Has anyone got 1099 from eBay / Managed Payment yet? 

eBay is so lame

 

Yes, delivered in the mail today.

46 minutes ago, KShine said:

Yes, delivered in the mail today.

Seriously? By mail? Are we back to the early eBay days in the 1990s ?

36 minutes ago, Darth_Raichu said:

Seriously? By mail? Are we back to the early eBay days in the 1990s ?

There are USA laws governing the mailing of 1099s.  They have to be post-marked by Jan 31.  I'm not sure they can be emailed.  Besides, with the number of people's email who get hacked, do you really want to risk someone getting hold of your tax info?

3 minutes ago, exracer327 said:

There are USA laws governing the mailing of 1099s.  They have to be post-marked by Jan 31.  I'm not sure they can be emailed.  Besides, with the number of people's email who get hacked, do you really want to risk someone getting hold of your tax info?

I have been downloading my 1099 from Paypal and Amazon websites for 5 years running.  Never had problem with that. 

Nothing on Managed Payment page though

6 minutes ago, Darth_Raichu said:

I have been downloading my 1099 from Paypal and Amazon websites for 5 years running.  Never had problem with that. 

Nothing on Managed Payment page though

Downloading I can understand but I still wouldn't want them emailing it to me. 

I suspect Ebay moved forward with the whole managed payments thing before they had the back end (or a lot of other pieces) figured out.

Just now, exracer327 said:

Downloading I can understand but I still wouldn't want them emailing it to me. 

I suspect Ebay moved forward with the whole managed payments thing before they had the back end (or a lot of other pieces) figured out.

Managed Payment has been up and running for at least 2 years.  There were sellers fully in MP back in 2019.  eBay has no excuse

2 minutes ago, Darth_Raichu said:

Managed Payment has been up and running for at least 2 years.  There were sellers fully in MP back in 2019.  eBay has no excuse

My bad.  I just joined managed payments last fall.  I agree, after two years there are no excuses.  They are just being lazy at this point.

1 hour ago, Darth_Raichu said:

I have been downloading my 1099 from Paypal and Amazon websites for 5 years running.  Never had problem with that. 

Nothing on Managed Payment page though

I'm not going to pretend for a second I know what I'm doing or that you didn't already look here, but it seems like if I were to have a 1099 from eBay it would be here:

7 hours ago, keymomachine said:

I'm not going to pretend for a second I know what I'm doing or that you didn't already look here, but it seems like if I were to have a 1099 from eBay it would be here:

Yep, that's where I went under Payments tab

10 minutes ago, Darth_Raichu said:

Yep, that's where I went under Payments tab

My mailed one is also available there (Taxes - 1099 form) - avail since 1/24

Mine arrived in the mail yesterday.

On 1/29/2021 at 1:14 PM, brickvoyeur said:

I've slid under 20k this year, and did most of my sales over other venues which have provided me the correct documentation. Local sales were huge this year as well. 

That being said, nothing in my tax documents in PayPal and the 1099 delivery date is approaching. Personally concerned a bit, as I want to ensure that my numbers match exactly what they are reporting... and that everything that I can write off is deducted. Discrepancies are not ideal.

 

On 1/29/2021 at 3:03 PM, LegoWalker4 said:

Likewise...have not received the 1099-K and stayed under 20K this year.

 

On 1/27/2021 at 1:49 PM, donehoarding said:

has anyone in Maryland under the old 20k but over 600 actually received a 1099 yet?

paypal says:

i haven't received anything from paypal or ebay. 

if paypal doesn't provide me a copy is it fair to assume that they didn't send one to the state or irs?

i'm doing the schedule c anyways, but dont want their number to not match mine when they calculate sales tax and stuff as part of the gross payment

So January came and went, no 1099 from PayPal. I did get one from eBay though for managed payments.

I have my numbers for the year, and my taxes fully filled out.

I don't want to call PayPal and beg for a 1099, but I don't want them to issue one late and have to amend my taxes because I failed to include the 1099, or my numbers are off a bit. 

Did anyone else actually get their 1099 from PayPal in Maryland?

 

Broad question to all........ did anyone get a paper 1099 from PayPal but have nothing appear in the online dashboard in the tax statements section? 

On 2/3/2021 at 10:51 AM, AmazonSucks said:

 

 

So January came and went, no 1099 from PayPal. I did get one from eBay though for managed payments.

I have my numbers for the year, and my taxes fully filled out.

I don't want to call PayPal and beg for a 1099, but I don't want them to issue one late and have to amend my taxes because I failed to include the 1099, or my numbers are off a bit. 

Did anyone else actually get their 1099 from PayPal in Maryland?

 

Broad question to all........ did anyone get a paper 1099 from PayPal but have nothing appear in the online dashboard in the tax statements section? 

You have to go to paypal reports and print it yourself. Under statements "Tax Documents" I believe it has been like this for a few years

Not 100% Sure but if it is not in that section than they did not issue you one. Are you under the requirements.. Our Tax documents always have 1099 available by JAN 31st

Edited February 4, 20214 yr by Brickshopper

1 minute ago, Brickshopper said:

You have to go to paypal reports and print it yourself. Under statements "Tax Documents" I believe it has been like this for a few years

That's the point. I'm over the $600 Maryland limit, but there is nothing in the "tax documents". 

 

Can anyone access paypal tax document as of late? Once I clicked the Tax documents tab, it spins forever. Anyone else experiences the same issue?

10 hours ago, SLL said:

Can anyone access paypal tax document as of late? Once I clicked the Tax documents tab, it spins forever. Anyone else experiences the same issue?

Same issue here

On 2/14/2021 at 12:19 AM, SLL said:

Can anyone access paypal tax document as of late? Once I clicked the Tax documents tab, it spins forever. Anyone else experiences the same issue?

Yup had that for a couple days... Seems to be fixed now but I have yet to receive anything form Paypal in the mail, email or downloadable and I am over 20k in sales. Also nothing available in Managed payments from ebay as far as taxes go. 

The research I looked up said the 1099k is going to take 15.3% of your net earnings away from you. Does this sound about right?

44 minutes ago, cuttingcorners47 said:

The research I looked up said the 1099k is going to take 15.3% of your net earnings away from you. Does this sound about right?

Plus whatever your income tax will be. 

Edited March 14, 20214 yr by stackables