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Vintage Heuer Discussion Forum
The place for discussing 1930-1985 Heuer wristwatches, chronographs and dash-mounted timepieces. Online since May 2003.
What this really means is that your vintage watch collection could be worth less if you sell any of them by PayPal and will go over 200 PayPal sales (say on ebay) and exceed $20,000 in sales in one year!
NOT a fun thing to think about. Craig
: They don't apply it to anything. This is treated like any other
: 1099 income statement. You pay taxes on it like you would on any
: income. You add the profit to your income from which is
: subtracted your expenses etc to calculate your adjusted gross
: income....taxable income...and you pay tax on it and everything
: else at the rate dictated by the tax tables.
: The fact that the IRS wants Paypal to 1099 you means that the IRS
: wants to have an official record. They are saying that an eBay
: store is like any other business.