Doesn't matter if a loss, if you did over $20k in transactions PP is required to send a 1099K to you. I believe you also have to do tons of these transactions in order to trigger a 1099K as well.
In Illinois, apparently it is $1K that triggers it (I did $2K this year). This is the first year I apparently cycled through that much gear. From what I'm reading, I can offset it by reporting the purchase prices. I normally use Turbotax so hopefully it will allow for it.
Could be a great reason to dump paypal for good. anyone know if Google Pay, Apple pay or any alternative methods do this kind of reporting? Basically this is garage sale type transaaction, everything is sold at a price lower than acquisition and it's STOOPID that you even have to go thru the motions to report.
I went through this years ago in MA, which has a $600 threshold. I tried to find my research I bookmarked at the time, but unfortunately could not. The gist of it was that if you sold things at a net loss, you didn't need to report anything at all. If you sold at a net gain, you report the gain as a capital gain on Schedule D. *not tax advice*
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