So I received more than the whopping 20k in payments and exceeded 200 transactions received.
So I got my 1099-K and total received was 38k.
My question is do I really have to pay taxes on this? I mean the majority of sales of hardware and other household items is for hobby, NOT for profit! If they think I profited off my payments received then they are crazy.
What should I do here? This hit me by surprise because I never even knew paypal was going to start issuing 1099's. No warning letter no nothing until 5 days ago.
Please post tax related questions in the stickied thread at the top of the forum. -Admin DrPizza
So I got my 1099-K and total received was 38k.
My question is do I really have to pay taxes on this? I mean the majority of sales of hardware and other household items is for hobby, NOT for profit! If they think I profited off my payments received then they are crazy.
What should I do here? This hit me by surprise because I never even knew paypal was going to start issuing 1099's. No warning letter no nothing until 5 days ago.
Please post tax related questions in the stickied thread at the top of the forum. -Admin DrPizza
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