 Tax consequences of paypal |
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| sixaddict |
 Jan 26 2025, 05:12 PM
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Senior Member  Group: Members Posts: 880 Joined: 22-January 09 From: Panama City Beach, FL Member No.: 9,961 Region Association: South East States 
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Well we were all aware of this coming but just got my love letter 1099 from PP.
Trying to figure how to handle. Anyone have legitimate advice? Obviously the 1099 is gross income……but that would be if cost basis was zero and that is not the case. If you don’t itemize how do you get a fair assessment. Wont get into political weeds but this is BS. |
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| technicalninja |
Feb 4 2025, 10:08 AM
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Advanced Member Group: Members Posts: 2,377 Joined: 31-January 23 From: Granbury Texas Member No.: 27,135 Region Association: Southwest Region
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Yes, storage is part of the cost of doing business...
Works KICK ASS if you're filing a schedule C which is what you HAVE to do if you have a business. Business owners (like me) have multiple ways around this. What I'm not sure of is if can you file expenses off of a simple 1099 without going "Full Monte" as a business. After a week of going through mom's stuff I've come to the conclusion that the way to go is an Estate Sales Company. I've got enough stuff to open the biggest resale shop in Granbury right now! That is a business I have ZERO interest in... |
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Posts in this topic
sixaddict Tax consequences of paypal Jan 26 2025, 05:12 PM
windforfun Tax advice? AFAIK, you have to itemize. The ball... Jan 26 2025, 06:11 PM dug Simple version, I am not a tax accountant, please ... Jan 26 2025, 06:49 PM Patrick_139
Well we were all aware of this coming but just g... Jan 26 2025, 07:10 PM sixaddict Thanks for weighing in guys. Great info Patrick…... Jan 26 2025, 07:27 PM technicalninja From what I understand the point of reporting was ... Jan 26 2025, 10:48 PM sixaddict Thanks fir Another interesting take on collateral ... Jan 27 2025, 07:50 AM technicalninja Mom passed last night at 1 am.
I wasn't aware... Jan 27 2025, 01:12 PM
friethmiller
Mom passed last night at 1 am.
I wasn't awar... Jan 27 2025, 02:22 PM mepstein I’m sorry for your loss.
I bet there are ways ... Jan 27 2025, 02:21 PM 914Sixer Sorry to hear about your mom. Jan 27 2025, 02:57 PM Literati914
Mom passed last night at 1 am...
Dang man, sorr... Jan 27 2025, 03:29 PM technicalninja Thanks for the words of condolences Gentlemen.
Sh... Jan 27 2025, 03:34 PM sixaddict No worries…
Rule 1……life events trump car st... Jan 27 2025, 04:08 PM GregAmy
Well we were all aware of this coming but just g... Jan 28 2025, 08:17 AM 914rrr Is mileage and other associated expenses for a ... Jan 28 2025, 10:22 AM GregAmy
Is mileage and other associated expenses for a ... Jan 28 2025, 10:34 AM brant I too want to tell you that I'm sorry for your... Jan 29 2025, 10:42 AM Cairo94507 @technicalninja - Sorry for your loss; even when ... Jan 29 2025, 11:20 AM Jack Standz
Mom passed last night at 1 am.
Rick,
You have ... Jan 29 2025, 01:15 PM Jgilliam914 I was told by my tax guy that if you stored the pa... Feb 4 2025, 09:08 AM |
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