This is the most confusing thing I have EVER heard! I am moving from Ca to Texas to be with family. I will be 80 in Nov 2024. I've sold online ebay for 20 yrs for extra money, and to keep from being bored since my husband died. I got the smart idea of telling tenants here to call me when moving before giving to good will and I might just buy what they dont want to take. Old photos, Army pins, George Formin Grills, really nothing valuable, but It worked. Until last year! Now the IRS wants to make out like " give me some of this for my beach house " Good God... once life was nice... now, its more depressing than ever, so confusing and now pay H&R block so the IRS can collect on old photo albums, & 1950's Ash trays ! .Taxes on things that are basicly worthless. God ... When does it end?
@chanelharrison21612 ай бұрын
love this video i plan on using pay pal for my digital products versus stripe
@CPATuttle
2 ай бұрын
Thank you Chanel!
@kileyfriese40767 ай бұрын
Hi, thank you for the video. I have a question. I am a self-employed artist/online creator, I earn money through Patreon and Meta Platforms and both of these companies will be sending me a 1099-K for this year's earnings which makes sense. But the income I made through those platforms was transferred to my paypal account before being again transferred to my business bank account, and now paypal is also issuing me a separate 1099-K for those transfers. How do you address receiving multiple 1099-Ks for the same income? I am worried the IRS is going to think my income is double what it actually is.
@CPATuttle
7 ай бұрын
Hi Kiley, the IRS guidance when you recieve a 1099-K in error for duplicate income, is to first contact the merchant to correct the duplicate, if not, report it on your taxes as 'other income' label it on your taxes as "Form 1099-K Received in Error" as a positive amount and then also as a matching negative amount to wash out the income. And then be prepared to show the IRS proof of duplicate 1099-K on the same income so that if they mail you a letter on this reporting. Hope this helps you
@lorelisaguilar96514 ай бұрын
Hi, I'm in Venezuela and I have a Venezuelan PayPal account. I send money to my dad who's in The US under a TPS. He started paying taxes this year as he got his SSN. I constantly send him money through PayPal (these are personal transactions). How should my dad report this?
@CPATuttle
4 ай бұрын
Hi, he does not need to report that on American income tax returns, unless it triggered a 1099. If so, it needs to be both reported in one line and offset on another line, as labeled erroneous income, under the other income section of the taxes
@lorelisaguilar9651
4 ай бұрын
Thank you so much for your response!!@@CPATuttle
@zamora60904 ай бұрын
? I won a fantasy football thru yahoo it looks like yahoo doesn't do the 1099-k form cuz they use PayPal does PayPal automatically send u a 1099-k form or do u have to request it ?
Пікірлер: 12
This is the most confusing thing I have EVER heard! I am moving from Ca to Texas to be with family. I will be 80 in Nov 2024. I've sold online ebay for 20 yrs for extra money, and to keep from being bored since my husband died. I got the smart idea of telling tenants here to call me when moving before giving to good will and I might just buy what they dont want to take. Old photos, Army pins, George Formin Grills, really nothing valuable, but It worked. Until last year! Now the IRS wants to make out like " give me some of this for my beach house " Good God... once life was nice... now, its more depressing than ever, so confusing and now pay H&R block so the IRS can collect on old photo albums, & 1950's Ash trays ! .Taxes on things that are basicly worthless. God ... When does it end?
love this video i plan on using pay pal for my digital products versus stripe
@CPATuttle
2 ай бұрын
Thank you Chanel!
Hi, thank you for the video. I have a question. I am a self-employed artist/online creator, I earn money through Patreon and Meta Platforms and both of these companies will be sending me a 1099-K for this year's earnings which makes sense. But the income I made through those platforms was transferred to my paypal account before being again transferred to my business bank account, and now paypal is also issuing me a separate 1099-K for those transfers. How do you address receiving multiple 1099-Ks for the same income? I am worried the IRS is going to think my income is double what it actually is.
@CPATuttle
7 ай бұрын
Hi Kiley, the IRS guidance when you recieve a 1099-K in error for duplicate income, is to first contact the merchant to correct the duplicate, if not, report it on your taxes as 'other income' label it on your taxes as "Form 1099-K Received in Error" as a positive amount and then also as a matching negative amount to wash out the income. And then be prepared to show the IRS proof of duplicate 1099-K on the same income so that if they mail you a letter on this reporting. Hope this helps you
Hi, I'm in Venezuela and I have a Venezuelan PayPal account. I send money to my dad who's in The US under a TPS. He started paying taxes this year as he got his SSN. I constantly send him money through PayPal (these are personal transactions). How should my dad report this?
@CPATuttle
4 ай бұрын
Hi, he does not need to report that on American income tax returns, unless it triggered a 1099. If so, it needs to be both reported in one line and offset on another line, as labeled erroneous income, under the other income section of the taxes
@lorelisaguilar9651
4 ай бұрын
Thank you so much for your response!!@@CPATuttle
? I won a fantasy football thru yahoo it looks like yahoo doesn't do the 1099-k form cuz they use PayPal does PayPal automatically send u a 1099-k form or do u have to request it ?
@CPATuttle
4 ай бұрын
Only would be automatic or no form
@zamora6090
4 ай бұрын
@@CPATuttle thanks
@CPATuttle
4 ай бұрын
@@zamora6090 you’re welcome