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I have a tax audit question? I believe I was audited, got a
Okay, I believe I was audited, got a letter from the IRS saying I owe 10 grand. (After taking back the child tax credit) a 1099k from paypal was reported for 20k. I did not make that money. My girlfriend would transfer money from her paypal account to mine to use my cash back card when buying merchandise. I assume i need to amend my return but how do i prove this to the IRS i did not earn that money? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,218 satisfied customers
We pay hundreds of clients each year via PayPal. Are we
We pay hundreds of clients each year via PayPal. Are we needing to send them a 1099 or are PayPal payments excluded?We are an LLC… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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How to prove IRS that profit is less than revenue generated?
In 2014 I had a dropshipping business where I used to list products on eBay and when customers buy them and transfer the money to my paypal account I got to amazon.com and order the product and let am… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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Mr Klein, You may have record of our past conversations.
Hi Mr Klein, You may have record of our past conversations. I recieved a CP2000 about a 1099 I received from PayPal, and we worked on getting my letter about selling personal items, but gaining no pro… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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I got a letter (CP2000) from the IRS a few days ago saying
I got a letter (CP2000) from the IRS a few days ago saying that PayPal sent them a 1099K for the year 2013. The 1099K shows that I made $51,115/approx. in Ebay sales in 2013. Now, the IRS wants us to … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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JUst going through the problem of an $8900 tax bill because PayPal reported what I sold th
JUst going through the problem of an $8900 tax bill because PayPal reported what I sold that I got from garage sales with no reciepts. The income reported by PayPal is $28,000, which is why they want … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
I buy and sell things on eBay. A few years ago I started making
I buy and sell things on eBay. A few years ago I started making bumper stickers. I sold a few here and there, no big thing. As the years have gone I have I have increased my sales to about $100-$200 a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
If there is a 1099K from Paypal for items sold on Ebay, for
If there is a 1099K from Paypal for items sold on Ebay, for $30k what kind of COGS can be used for the items sold. Trying to find out if there is any IRS guidelines on this.… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I have received a notice from the IRS saying that I owe 9,000
I have received a notice from the IRS saying that I owe 9,000 because I did not report paypal earnings from last year? I am not a business, just sell on eBay to make some extra cash. There is NO way I… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
Hi Klein, I received a cp2000 notice from IRS yesterday. It
Hi Klein, I received a cp2000 notice from IRS yesterday. It said Paypal reported a 1099-K for 2012 tax year in which my payple account did transaction >$60k, so they proposed a tax increase of ~$29… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
1,326 satisfied customers
Hi, I opened a paypal account to help my brother who lives
Hi, I opened a paypal account to help my brother who lives in a foreign country that doesn't have payapl. He has a small business located out side the US that sells products online on ebay to US custo… read more
Dave CPA
Dave CPA
Master's Degree
882 satisfied customers
I SOLD MY MODEL CAR COLLECTION ON eBAY LAST YEAR. PAYPAL SENT
I SOLD MY MODEL CAR COLLECTION ON eBAY LAST YEAR. PAYPAL SENT ME A 1099 WHAT DO I HAVE TO DO? THE PAYPAL AMOUNTS WERE GROSS, DIDN'T SPLIT OUT SHIPPING, FEES AND RETURNS AND MY COLLECTION STARTED IN 19… read more
Dave CPA
Dave CPA
Master's Degree
882 satisfied customers
My mother was in need of money due to health issues and expenses
My mother was in need of money due to health issues and expenses in personal care so I offered to list my personal collection of items on ebay to come up with money for her, in her name. I did not kno… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
Is there any way to have a 1099K form switch over from my wifes
Is there any way to have a 1099K form switch over from my wife's name to my name and SS#? I have 2 paypal accounts for 2 ebay accounts and I forgot to switch over the other paypal to my SS# XXXXX now … read more
Tax.appeal.168
Tax.appeal.168
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I got a 1099-K, I am not a business. I just sold on eBay to
I got a 1099-K, I am not a business. I just sold on eBay to sell things I have in my collection. Now I am faced with paying a bunch of money in taxes on my sold items. How can I really even deduct the… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
Paypal is not reporting to US government on 1099K, I have an
Paypal is not reporting to US government on 1099K, I have an issue, as my business is run using other people's paypal accounts, ie; my father's and my ex fiancee's. These are personally agreed upon an… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
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i am selling stuff on ebay through MY account, and have opened
i am selling stuff on ebay through MY account, and have opened a store on ebay selling my boyfriends stuff for him....so I linked it to his paypal account....he is going to claim it as income and pay … read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
THe VA has me as totally disabled, I am still fighting with
THe VA has me as totally disabled, I am still fighting with social security for SSD. I have not worked since Jan 15th 2009. I had to cash in a simple IRA & a regular IRA both totaled around 29,000, to… read more
Bill
Bill
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