THE IRS HAS TAKEN MY TRANSACTIONS VIA PAYPAL AND IDENTIFIED THEM AS TAXABLE INCOME


I had multiple transactions here and at US Audio Mart in 2019 and yesterday received a letter from the IRS stating the transactions were "Taxable Income" anyone else ever experience that with Paypal and now what?
Fighting the IRS is not something I look forward to!
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Showing 1 response by jdane

Not sure of your point.   Did you make money buying and selling equipment here and on Audiomart?  If so, it's income.  You don't have to fight the IRS; just tell them the truth, pay up, and move on.  They'll be very accommodating. 

( If you 'lost' money, like most of us have [e.g., you spent money on equipment, which you own, or sold it at a loss], then it's a hobby, and those losses are of course not deductible. )