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Shadetree · 02-29-2012, 10:52 AM

If I read this correctly you have to have both 200 transactions and $20,000 in a calendar year. But, this is only the beginning guys, hang on! At what point does our hobby become a business? Usually one sells extra unneeded parts to buy more parts for their cars. Too, you generally sell an antique vehicle only to buy another antique vehicle...

Shadetree

Q. I sell items on e-Bay and accept merchant payments cards for payments. How do the payment settlement entity reporting rules affect me?
A. You will receive a Form 1099-K for the gross amount of proceeds for the goods or services purchased from you through use of a merchant payment card in a calendar year. Further, if you are set up to accept payments using a third party settlement organization and the total number of your transactions exceeds 200 AND the aggregate value exceeds $20,000 in a calendar year, you will receive a Form 1099-K from the third party settlement organization.

02-29-2012, 10:52 AM	#7
Shadetree Senior Member Join Date: May 2010 Location: Cottageville, WV Posts: 1,535	Re: paypal If I read this correctly you have to have both 200 transactions and $20,000 in a calendar year. But, this is only the beginning guys, hang on! At what point does our hobby become a business? Usually one sells extra unneeded parts to buy more parts for their cars. Too, you generally sell an antique vehicle only to buy another antique vehicle... Shadetree Q. I sell items on e-Bay and accept merchant payments cards for payments. How do the payment settlement entity reporting rules affect me? A. You will receive a Form 1099-K for the gross amount of proceeds for the goods or services purchased from you through use of a merchant payment card in a calendar year. Further, if you are set up to accept payments using a third party settlement organization and the total number of your transactions exceeds 200 AND the aggregate value exceeds $20,000 in a calendar year, you will receive a Form 1099-K from the third party settlement organization. __________________ Son, you will never blow an engine up in high gear.