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

[Robert Wilson, D.D.]

Greetings,

Explore the use of the Schedule C, not the C-EZ if it exists) for business
losses. I remember training that allowed someone to write off gambling
losses.
Some exceptions apply :
https://www.hrblock.com/tax-center/filing/adjustments-and-deductions/taxes-on-hobby-activities/

Also the IRS references this Publication:
https://www.irs.gov/forms-pubs/about-publication-535

Some overall info:
https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses

Food for thought.

On Thu, Apr 22, 2021 at 7:28 PM Philip Brown <phil at pjb3.com> wrote:

> 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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-- 
 In servitio regis :

 Rev. Robert Wilson, D.D.

* (Verbum sap sat est) *
*"Instruction does much, but encouragement does everything." -- Johann
Wolfgang von Goethe (German writer and statesman 1749-1832)*