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

[Philip Brown]

I would tend to agree that when you file your taxes, there must be some way to report the costs basis (what you paid) for the equipment, and then subtract the revenue from the cost, so I would expect that it would zero out (since Jeremy said you aren’t allowed to recognize a loss).

I guess you’d have to read the IRS rules to be certain, but I doubt that the intent wad to tax people who sell their own used items online.  It’s probably more to capture the revenue side from those people who have made selling online a part time or full time for-profit business.

If the IRS gets a 1099-K showing all of your revenue for the year, they it’s hard not report that income if you are doing it a s a profit making business.

Still, that’s interesting to note.

> On Apr 22, 2021, at 1:48 PM, KF7IJZ - Jeremy Kolonay <kf7ijz at gmail.com> wrote:
> 
> Laws are/were? changed to lower that limit to $600 as part of the most
> recent COVID Stimulus laws.  You don't have to do anything unless you made
> money (unfortunately they don't let us recognize the losses!).
> 
> On Thu, Apr 22, 2021 at 1:14 PM Richard Adamy <ka4gfy at gmail.com> 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>
>> 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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> 
> 
> -- 
> Jeremy Kolonay / KF7IJZ
> k <kolonay at gmail.com>f7ijz at gmail.com
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