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Author Topic: PAYPAL - 1099s - what the ???  (Read 5375 times)
FOXSSLOTS1
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« on: February 03, 2012, 12:15:53 PM »
just got today (2/2)  - late by the way - a 1099 from PAYPAL - for the TOTAL amount they collected - that includes SHIPPING - SALES TAX  - GIFTS - etc.   Does that mean - that if you have a merchant account - uncle sam gets notified and a 1099 is issued to???   
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slot monkey
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« Reply #1 on: February 03, 2012, 12:27:27 PM »
My guess would be YES!
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zarobhr
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« Reply #2 on: February 03, 2012, 12:49:49 PM »
yes starting 1-1-11 all money recieved through a merchant account they will issue a 1099-k its just a record that money is changing hands, kinda like the bank reporting cash transaction over 10k to irs so
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FOXSSLOTS1
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« Reply #3 on: February 03, 2012, 01:00:14 PM »
how do I setup and off shore account?  guess I need to ask my representative.
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zarobhr
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« Reply #4 on: February 03, 2012, 01:10:19 PM »
more info you should only get one from paypal if your gross receipts exceed 20K AND there are over 200 transactions
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CaptainHappy
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« Reply #5 on: February 03, 2012, 07:12:52 PM »
What a crock of  muted muted muted 1099's from paypal! bawling hissy fit bawling!!!

CH CaptainHappy
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poppo
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« Reply #6 on: February 03, 2012, 07:31:48 PM »
Quote from: CaptainHappy on February 03, 2012, 07:12:52 PM
What a crock of  muted muted muted 1099's from paypal! bawling hissy fit bawling!!!

CH CaptainHappy

If anything, one should be able to claim it as a deduction since they 'steal' the interest on the money that they hold hostage.
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crgadyk
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« Reply #7 on: February 03, 2012, 07:46:44 PM »
Or they just rob you completely from your money. Someone on an international IP address hacked my paypal account the other day and moved $1000 from my checking account until my paypal account. I'm assuming they were going to then move it from my paypal account to their account but I caught it. I called them and they wanted to argue that I made the transaction, even after they looked and figured out that the request was coming from out of the country.

They suspended my account and I had to jump through hoops to ask them to reinstate it. Now they're holding my account hostage since I called my bank and disputed the transaction. Paypal thinks I should have just let it go and then later on transferred the $1000 back into my bank account from my paypal account. I'm a super fan of paypal at this point  frying pan
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Hotrodslots69
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If all the smoke gets out it won't work anymore!
« Reply #8 on: February 15, 2012, 02:14:11 AM »
When government has no money they find creative ways to create tax revenue (take from the poor and give to the rich) what do you expect them to do work!  bawling bawling
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jay
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« Reply #9 on: February 15, 2012, 03:07:33 PM »
I am based in Canada (sounds better than Nigeria eh).
They haven't got this handled yet here....
I will put the offer out that you have your clients pay me.
I will then forward the money to you via cheque less my handling fee......3% for me, 5% currency risk (total 8% fair ?)

As  long as the transactions are below the 10K mark we shouldn't run into any international tax issues.

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Slots_007
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« Reply #10 on: March 12, 2012, 05:57:09 PM »
Quote from: Hotrodslots69 on February 15, 2012, 02:14:11 AM
When government has no money they find creative ways to create tax revenue (take from the poor and give to the rich) what do you expect them to do work!  bawling bawling

Oh, Just like how the ATF burns us for $200 when we transfer a machine-gun or short barreled rifle? Lets not forget the Special Occupational Tax ($$$) to sell firearms and another Special Occupational Tax ($$$) to manufacture firearms even in small quantities?  bomb bomb bomb

I love our country, but I fear our elected officials  American Flag  CaptainHappy

BY THE WAY, PAYPAL OWES ME $300+ THAT THEY NEVER REFUNDED...I HATE THAT COMPANY  hissy fit hissy fit hissy fit
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