@eag618 I guess the good news is that you may be able to take a home office deduction and deduct other expenses involved in selling audio gear. I guess those of us who may get a 1099K, we are now all dealers?! Disclaimer: I am not a CPA, EA or other tax professional. Check this out: https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-o...
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!
Fighting the IRS is not something I look forward to!
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- 87 posts total
- 87 posts total