ygogolak Posted January 17, 2019 Share Posted January 17, 2019 2 minutes ago, Dark Knight said: AND 200 sales. If you only had $20k worth of payment and 199 in sales you won't get a form. Correct, but $20k and $200k is a big difference. Link to comment Share on other sites More sharing options...
Dark Knight Posted January 17, 2019 Share Posted January 17, 2019 200 transactions and $20k of payments ADAMANTIUM 1 Link to comment Share on other sites More sharing options...
Buzzetta Posted January 17, 2019 Share Posted January 17, 2019 45 minutes ago, blazingbob said: 200 transactions or 200K you get a 1099 from paypal. It has to be a combination of the two and it is 200 transactions and I think it was $19,800 or something like that. But it was 'and' not 'or'. ADAMANTIUM 1 Link to comment Share on other sites More sharing options...
ygogolak Posted January 18, 2019 Share Posted January 18, 2019 17 hours ago, Dark Knight said: I know Paypal has a 200 transaction and $200K in sale threshold where they will send you a form 1099-k tax form. With the new individual state laws applied, how would this affect paypal transactions? Will Paypal adjust to what the state laws are or keep it the same? 16 hours ago, ygogolak said: It's $20k in gross sales, not 200. https://www.paypal.com/us/smarthelp/article/how-does-paypal-report-my-sales-to-the-irs-will-i-receive-a-1099-tax-statement-faq729 16 hours ago, ygogolak said: Correct, but $20k and $200k is a big difference. 16 hours ago, Dark Knight said: 200 transactions and $20k of payments Yes, but you were saying $200,000. That was my point. Link to comment Share on other sites More sharing options...
Dick Pontoon Posted January 18, 2019 Share Posted January 18, 2019 17 hours ago, Buzzetta said: 18 hours ago, blazingbob said: 200 transactions or 200K you get a 1099 from paypal. It has to be a combination of the two and it is 200 transactions and I think it was $19,800 or something like that. But it was 'and' not 'or'. UNLESS you reside in Vermont or Massachusetts. I was dumbfounded and surprised to receive a 1099 last year since i was nowhere near 20k. I found out from my LCS that those two wonderful state legislatures had changed the thresholds; in MA you'll now get one if you go over $600. Link to comment Share on other sites More sharing options...
Junkdrawer Posted January 18, 2019 Share Posted January 18, 2019 It’s not a problem to file the proper paperwork and not have to pay the sales tax. Paperwork says you are a dealer. eventually you will one day sell it. Just consign it. Link to comment Share on other sites More sharing options...
SBRobin Posted January 18, 2019 Share Posted January 18, 2019 If they are now collecting taxes in those states, then the tax laws have not changed. The only difference is they are now given the burden of collecting it since so many people lie on their state taxes when they have to pay their Use Tax. If you had an item shipped to NY you always had to pay tax on it, but most people in the past just cheat on their taxes and don't mention it. Link to comment Share on other sites More sharing options...
Buzzetta Posted January 18, 2019 Share Posted January 18, 2019 20 minutes ago, SBRobin said: If they are now collecting taxes in those states, then the tax laws have not changed. The only difference is they are now given the burden of collecting it since so many people lie on their state taxes when they have to pay their Use Tax. If you had an item shipped to NY you always had to pay tax on it, but most people in the past just cheat on their taxes and don't mention it. I think that is a bit of a broad sword. What you are referring to is the NYS fair use tax which as you have said has always been on the books. I don't think people consider themselves as cheating it since cheating involves some activity. I think everyone in NYS from accountants to taxpayers simply just don't care about it. I cannot imagine everyone in NY from accounts to taxpayers going through what would essentially be a hassle in documenting and paying tax on every item that they bought outside of NY that they used within NY. For those that are unfamiliar with that law, if I went to say, Philly and bought myself a commemorative mug at the Constitution Center and brought that mug back to NYS to drink out of, I am supposed to pay tax in PA and tax in NY. Most cannot, will not, and honestly should not deal with that sort of nonsense. Link to comment Share on other sites More sharing options...
SBRobin Posted January 18, 2019 Share Posted January 18, 2019 They are actively cheating it when they answer "$0" in the section on the state tax return where it asks about goods purchased out of state. I know people can't remember every purchase, but you know if you spent $1500 on a comic book at auction. Before Amazon started actively collecting taxes at purchase, you could easily go to your order history, sort by year, and find in under 30 seconds how much you spent during a tax year. If you sold 10k in goods on ebay, that is taxable income, regardless of whether Paypal sends you a 1099. I know it's one of those things where "everyone does (or doesn't in this case) do it," but that doesn't make it any less illegal. In your Philly example, you wouldn't pay tax in NY, because you were already taxed on that mug in Pennsylvania, since it is an Origin-Based Sales Tax State. Link to comment Share on other sites More sharing options...
Buzzetta Posted January 18, 2019 Share Posted January 18, 2019 (edited) 1 hour ago, SBRobin said: They are actively cheating it when they answer "$0" in the section on the state tax return where it asks about goods purchased out of state. I know people can't remember every purchase, but you know if you spent $1500 on a comic book at auction. Before Amazon started actively collecting taxes at purchase, you could easily go to your order history, sort by year, and find in under 30 seconds how much you spent during a tax year. If you sold 10k in goods on ebay, that is taxable income, regardless of whether Paypal sends you a 1099. I know it's one of those things where "everyone does (or doesn't in this case) do it," but that doesn't make it any less illegal. In your Philly example, you wouldn't pay tax in NY, because you were already taxed on that mug in Pennsylvania, since it is an Origin-Based Sales Tax State. ok ? Edited January 18, 2019 by Buzzetta Link to comment Share on other sites More sharing options...
WolverineX Posted July 13, 2020 Share Posted July 13, 2020 Is there a list of all the states comic link collects sales tax at? Link to comment Share on other sites More sharing options...
Black_Adam Posted July 13, 2020 Share Posted July 13, 2020 16 hours ago, Wolverinex said: Is there a list of all the states comic link collects sales tax at? Sales tax is currently charged for shipments made to the following states: AZ, CA, CO, HI, IL, IN, MA (for artwork), MD, ME, MI, MN, NC, NJ, NY, OH, PA, OK, TX, VA, WA, and WI. Effective March 18, 2020, a State Cost-Recovery Fee of 0.375% will be charged on all orders checked out to be shipped to the state of Texas. WolverineX 1 Link to comment Share on other sites More sharing options...
WolverineX Posted July 13, 2020 Share Posted July 13, 2020 Just now, Black_Adam said: Sales tax is currently charged for shipments made to the following states: AZ, CA, CO, HI, IL, IN, MA (for artwork), MD, ME, MI, MN, NC, NJ, NY, OH, PA, OK, TX, VA, WA, and WI. Effective March 18, 2020, a State Cost-Recovery Fee of 0.375% will be charged on all orders checked out to be shipped to the state of Texas. Thank you. I appreciate it Link to comment Share on other sites More sharing options...
90sChild Posted July 14, 2020 Share Posted July 14, 2020 On 1/17/2019 at 3:37 PM, blazingbob said: Sorry for the error. Amounts corrected below 200 transactions and 20K you get a 1099 from paypal. On 1/17/2019 at 3:56 PM, ygogolak said: It's $20k in gross sales, not 200. https://www.paypal.com/us/smarthelp/article/how-does-paypal-report-my-sales-to-the-irs-will-i-receive-a-1099-tax-statement-faq729 Is this $20k amount only counting "payments received" in paypal? What if you receive $15k and spend/pay out $10k, is that $25k gross or do they only care about the received number? Link to comment Share on other sites More sharing options...
blazingbob Posted July 14, 2020 Share Posted July 14, 2020 3 minutes ago, 90sChild said: Is this $20k amount only counting "payments received" in paypal? What if you receive $15k and spend/pay out $10k, is that $25k gross or do they only care about the received number? I'm pretty sure that it is $20K in Payments received. 90sChild 1 Link to comment Share on other sites More sharing options...
ygogolak Posted July 14, 2020 Share Posted July 14, 2020 2 hours ago, 90sChild said: Is this $20k amount only counting "payments received" in paypal? What if you receive $15k and spend/pay out $10k, is that $25k gross or do they only care about the received number? Says right in the link I posted at the top: $20,000 USD in gross payment volume from sales of goods or services in a single calendar year Link to comment Share on other sites More sharing options...
herc2000 Posted July 16, 2020 Share Posted July 16, 2020 I find it annoying, as a seller, ebay charges the tax to your paypal invoice for the buyer. Then paypal charge you a commission on the VAT ebay charged your buyer which is nothing to do with me. Link to comment Share on other sites More sharing options...
