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Originally Posted by TurningColorz
I don't remember getting a statement of interest earned on my PayPal Money Market account.
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Did you earn at least $10.00 in interest? Often, banks won't send a 1099 for less than that. You can log on to your account and print the 1099 yourself, though.
Quote:
Originally Posted by sweeps
But keep in mind many sales on ebay are not taxable events. If I buy something new for $100 and after some time sell it on ebay for $100 or less, there was no profit on that.
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Keep in mind that a transaction being taxable and being reportable are two different things. Let's say that throughout the year, you sell 5 of those $100 items per month. You've made no profit but at year end there will be $6,000 in your account that you didn't have before. If you are the victim of an IRS audit, you can be quite sure they will want to know where that money came from. I occasionally sell items at a loss, or sell personal items for less than I originally paid. I still report those transactions. I just don't owe any taxes on them.