[Alexandria Radio Club Reflector] 1099-K from PayPal for used radios I sold???

[Edward Bradshaw]

Yep, and this was the first time after years of selling used gear, 
radios, guitars, etc.  I lists all the payments I accepted over the year 
and the total.

I just found out, Virginia has a new law that says if you take in more 
than $500 from an online payment platform, they have to submit a 
1099-K.  So I can't claim my radio purchase as an expense on my taxes 
but I'm taxed on the full amount I sell it for, even if I took a loss.


On 4/22/2021 13:14, Richard Adamy wrote:
> Hi Ed,
>
> Was it PayPal?  My understanding is PayPal won't issue a 1099-K until 
> you exceed $20, 000 in sales AND 200 transactions.
>
> Some of the others may be different.  I use a service in my business 
> to collect fees online and they send me a 1099 no matter what the amount.
>
> Rich Adamy, KA4GFY (CPA)
>
> On Wed, Apr 21, 2021 at 11:40 AM Edward Bradshaw <ebradshaw at gmail.com 
> <mailto:ebradshaw at gmail.com>> wrote:
>
>     Did anyone else get a 1099-K from PayPal for used gear they sold last
>     year?  I sold my KX2 for less than I bought AND had paid to have it
>     fixed to begin with but since this is a hobby, I never claimed it
>     as an
>     asset in the previous year.  The total for the 1099-K is less than
>     $2K
>     for everything I had sold but it will still suck to have to pay
>     taxes on
>     that.
>
>     73,
>
>     Ed Bradshaw, W4EDF
>
>
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