[Elecraft] PayPal holding payment

[Thomas Valenti]

There is another, very important reason NOT to accept payments via PayPal
for casual, hobby related transactions.

Effective this year, PayPal (and Venmo) now issues an IRS form 1099-K to
anyone receiving more than $600 in a calendar year. Therefore, you have to
report your proceeds as income, unless you can provide documentation that
you sold the item for less than you paid for it. A hassle just not to be
invited. The last thing you need is a reason for the IRS to scrutinize your
tax return.

Ask me how I know. Last year, I sold a bunch of ham radio equipment and
took payment by PayPal. When the 1099-K arrived, my CPA (who happens to be
my XYL) went crazy. Naturally, I did not have documentation about exactly
when and for how much I had acquired some of this gear.

KISS - take payment the old fashioned way - via check sent through snail
mail.

Tom K3AJ