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EFV-8 Club Forum / General Ford Discussion / PAY PAL & THE IRS

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Discussion Topic: PAY PAL & THE IRS

HD53

02-08-2018 @ 2:38 PM

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as of FEB 1, PAY PAL is required to send 1099K forms to residents of MA. & VT for sales over $600.00 starting with 2017 taxes, the federal law with PAY PAL still stands at sales over $20,000.00 for all states, I will no longer accept PAY PAL as payment for parts Henry Diorio HD53

This message was edited by HD53 on 2-8-18 @ 2:40 PM

3w2

02-08-2018 @ 4:29 PM

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Nothing like dropping a big hint to the IRS where to audit next.

This message was edited by 3w2 on 2-8-18 @ 4:29 PM

kubes40

02-08-2018 @ 4:40 PM

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Or, just a thought here... you could pay your taxes.

Mike "Kube" Kubarth

02-08-2018 @ 5:26 PM

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Good for you, Henry! TEA - Taxed Enough Already!!!

ford38v8

02-08-2018 @ 5:32 PM

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I'm with Mike on this. Pay your taxes... Uncle Sam likes a parade and parades cost money.

Alan

1937sedandelivery

02-08-2018 @ 8:12 PM

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I'm with Kube, if you make money in the USA you should pay taxes on it to support this wonderful country.
gregg

Drbrown

02-08-2018 @ 11:10 PM

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To be clear, any 1099's applicable to tax year 2017 must be issued on or before January 31st 2018. And, the 1099K is an information only form. Its like but different than a W2 Form you may receive from your employer. It shows only the amount of a certain transaction. It does not show a tax calculation or assessment.

Generally, Form 1099K confirms the occurrence of a business transaction between one who purchases goods or services and who issues the 1099K, and the one who provided such goods or services and who receives the 1099K. Third party transactions may pertain but depend on certain circumstances. Google "IRS 1099K" for better info.

This message was edited by Drbrown on 2-8-18 @ 11:16 PM

FrankM-RG5

02-09-2018 @ 7:06 AM

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Or, just a thought here... you could pay your taxes.

Mike "Kube" Kubarth

He could be paying his taxes but does not want another layer of government intervention. I know someone getting a personal oan repaid through paypal and they'll get a 1099 for nothing but now need to show proof.

Drbrown

02-09-2018 @ 7:37 AM

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I didn't know one could do a transaction thru PayPal to pay for a personal loan. PayPal is not a banking institution so he's paying it thru PayPal. I get a little "dense" about these things but to the point .... who is the payer ? Him or PayPal. The loan must be in his name so the loaner must be sending him a 1099 showing how much interest he paid the previous year. Only concern would be if he claimed the interest expense on his IRS return then yes he would need to be able to display the 1099 if asked. Or he could later get a confirmation from the loaner if asked.

This message was edited by Drbrown on 2-9-18 @ 7:39 AM

FrankM-RG5

02-09-2018 @ 10:20 AM

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If I lend you money and you pay me back through paypal then all paypal would see is you gave me money and send me a 1099. I should have been more specific.

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