Comments on: PayPal and Ebay Must Report to the IRS

By: kathy

kathy — Fri, 04 Mar 2011 17:35:36 +0000

I’ve been selling cloths for about 7 years on eBay and have a store. Unfortunately, I did not save receipts at least until 12/2010. I kept them for a wile, but then assuming I was not going to need them I trashed. Am I in trouble now?

By: Will You Receive a 1099 from eBay or Paypal this year? | Ebiz Tax Tips - Tax Tips for eBay Sellers, Online Business and Other Small Business Owners

Thu, 13 Jan 2011 03:50:28 +0000

[...] in 2008, I reported that eBay and PayPal would have to start sending 1099s out to sellers who use those [...]

By: NIcole

NIcole — Thu, 12 Nov 2009 06:36:27 +0000

If you are a corporation buying from ebay, do you have to file a 1099 on each vendor? If you don’t will you get penalized? Is there an amount that you can do wih out submitting the 1099?

By: John Gro

John Gro — Mon, 02 Nov 2009 04:50:55 +0000

Yep! Ebay and PayPal are now “in bed” with the IRS.

They probably get a break on their Corporate Taxes for being an “agent” for the IRS Collection activities. In my opinion, it will be their downfall – THE’LL NEED A BAILOUT SOON!

John

By: Johnson

Johnson — Mon, 19 Oct 2009 20:03:57 +0000

Does anyone know if Paypal report my earnings to the Canadian Tax Agency or just the IRS. I make under $10,000 with Paypal? I just use it as a way to collect donations, and fees for advertising on mw websites.

Thanks,

By: Tim

Tim — Mon, 23 Mar 2009 02:05:24 +0000

What if I don’t have a ebay store setup or a merchants account setup with payapl and I make $10,000 or more from ebay just from listing items. Is it reported then and if so how. I don’t recall puting in my SSN.

By: Kristine

Kristine — Tue, 27 Jan 2009 15:09:03 +0000

Alan – assuming that you are a sole proprietor (you have not incorporated, or are not a partnership), then yes, you report your income from your eBay store on Schedule C, which is attached to your personal tax return (Form 1040). The fact that you have a business license or Tax ID does not change how you file your taxes, but if you have incorporated or formed a partnership then you would need to file the appropriate business tax returns for those entities. Hope this helps.

By: alan

alan — Mon, 26 Jan 2009 16:44:27 +0000

According to the above response, if you have a Ebay store, you would file on your personal taxes using Schedule C. Would this alos be the case if you have a business license, tax i.d. and Ebay store (with the Ebay store the only way your selling merchandise)?

By: Kristine

Kristine — Sat, 01 Nov 2008 13:24:06 +0000

Good question Robyns – People who are just cleaning out their garage will probably not receive a 1099. If you are a business owner and you also sell items from around the house, just keep good records. This new rule is really meant to track the big players… those who are earning a lot from eBay and online businesses.

By: robyns

robyns — Sat, 01 Nov 2008 12:50:59 +0000

how does this affect people that aren’t in business that just sell off old stuff from their house or cheap garage store stuff?