1099 from Paypal??

felonious69

Well-known member
I went to my bank one Friday (My BD is in January) the branch I always go to...tried to cash a check. She asked for my ID (I did not recognize anybody in there).
I showed her my ID and she says" This ID is expired".
I said "Yeah...two days ago". "It's still me".

Went out to my car and found the card for my personal banker...she recognized my voice on the phone!
Called the bank and told them to cash my check.

"Our" money is not really ours.

See: Asset Forfeiture
 

felonious69

Well-known member
I sometimes wonder if other countries (not America) have asset seizure.
No charges need be filed. You have a large amount of money...it's suspicious...seized and no proof at all of "nefarious/illegal" purposes is required
It's just gone. That can include money you have for a car, drum set, western union...whatever.
 

felonious69

Well-known member
I know that Amazon/Sweetwater charge me sales tax. Once in a while a website won't have tax at checkout...I stay away from those.
 

Lee-Bro

Senior Member
Disclaimer: See your tax professional for tax advice.

A 1099 (K, MISC, etc) is issued whenever calendar year money transactions exceed $600. It's up to the you to show it's not realized income/gains.

Musical gear for the most part is considered Personal Use Property (something you use for enjoyment). Losses on PUP is not deductible but gains can be taxed. This is why you should always keep receipts of anything you buy, to offset any potential reported "profits."

If you're buying gear and are legitimately deducting it on your taxes as a business expense and then sell it at future time, your tax situation is going to be slightly different.

So in summary: keep receipts, seek a tax professional, try to stay somewhat familiar w/ IRS guidelines (If you're in the U.S.)
 

Old PIT Guy

Well-known member
Things they are a changing. I plan to open a separate bank account to satisfy Ebay's crusade to offer a "better experience" and "seamless payment system" *cough, burp, vomit, cuss* when I can get around to it, and I'll definitely be searching for a few receipts that I'll probably not find for this 1099 induced anxiety.
 

AzHeat

Platinum Member
Things they are a changing. I plan to open a separate bank account to satisfy Ebay's crusade to offer a "better experience" and "seamless payment system" *cough, burp, vomit, cuss* when I can get around to it, and I'll definitely be searching for a few receipts that I'll probably not find for this 1099 induced anxiety.
I just did this same thing, because I don't trust them to keep people out of my account, but then discovered you have to also attach your SSN so they can "pay you". No freaking way in hell that's happening. Good by eBay! It wasn't fun when it wasn't a hassle and a trust issue.

They "eBay" already went into my PayPal account and locked me out, then emptied it out when a scammer claimed I had ripped them off. That took months to resolve with me doing all the work and not so much as an apology from them. 30k+ all positive reviews and they never even gave that a consideration when they took action against me. Just think of what they can do with your bank account and SSN in their possession!
 
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wraub

Well-known member
I just figured out the stimulus payment card I got was issued by a financial institution with ties to large company known for data acquisition and comparison, so I feel your pain.

I just did this same thing, because I don't trust them to keep people out of my account, but then discovered you have to also attach your SSN so they can "pay you". No freaking way in hell that's happening. Good by eBay! It wasn't fun when it wasn't a hassle and a trust issue.

They "eBay" already went into my PayPal account and locked me out, then emptied it out when a scammer claimed I had ripped them off. That took months to resolve with me doing all the work and not so much as an apology from them. 30k+ all positive reviews and they never even gave that a consideration when they took action against me. Just think of what they can do with your bank account and SSN in their possession!
 
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Old PIT Guy

Well-known member
I just did this same thing, because I don't trust them to keep people out of my account, but then discovered you have to also attach your SSN so they can "pay you". No freaking way in hell that's happening. Good by eBay! It wasn't fun when it wasn't a hassle and a trust issue.
It's not a happy time thing, for sure. I do plan to open a 2nd account expressly for ebay ($6 monthly charge thanks to "streamlined experience"), because I'd rather not deal with Craigslist given the time, risk (covid, theft), and relatively low buyer interest. Ebay is now a much bigger PITA, no doubt, but I can't think of an alternative where the odds of selling something fairly quickly are as high. We'll just have to be mindful with receipts for tax time.
 
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