BerryTogart
Bolt Thrower.,
- Joined
- Mar 21, 2014
- Posts
- 1,412
Crap very sorry for you man - commends on how you handle this situation, nevertheless let us know when/if when can help
That's crazy to hear. I have not linked my pp account to my social, I didn't even know that this was possible for them to do. I do wonder though, how much money has to be involved for them to bother sending out a letter.
Aren't you able to write off all this by having it as a "hobby"? I am sure you have spent more than just 21k on arcade stuff and video games. I mean, you also buy video games with your credit card and debit card, correct? You might be able to make up the other 2k of the 23k by showing proof of additional transactions. Although at 2k it might be below the taxable threshold.
Hope you get everything sorted out man, keep us updated.
So, how exactly do they even have the legal right to pry into your private financial information in the first place? What gives them the authority?
I did ask that question - she sort of smiled as if i'd said something cute. She basically said most auditors are by the book and once it looks like you've tried to cheat - documents must be indisputable, so for something like a member saying I paid this payment for this item at cost on this date - it would need to be notarized. The tedium associated with that is monstrous. That said - I am going to try and get a live IRS body on the phone Monday to ask that and a few other questions. I may ask a few guys who sent over $500 each to do that if it seems like it could help.Mike would it help if people sent you a signed statement declaring they paid XXX for a purchase on a particular day? For those gift payments that will not count towards lowering the total.
I did ask that question - she sort of smiled as if i'd said something cute. She basically said most auditors are by the book and once it looks like you've tried to cheat - documents must be indisputable, so for something like a member saying I paid this payment for this item at cost on this date - it would need to be notarized. The tedium associated with that is monstrous. That said - I am going to try and get a live IRS body on the phone Monday to ask that and a few other questions. I may ask a few guys who sent over $500 each to do that if it seems like it could help.
Marty - don't worry about it man - seriously, it's good. I'll hit you up later today.
I might be one of those guys. Let me know what you need from us.
I'm in the same boat as well. It would be helpful if PayPal would subtract shipping costs tied to a transaction in a report. I have to go through 519 transaction for 2015. Estimated shipping costs are about $8k last year. I need to find someone to do this for me, I don't have the time. I also need to redo 2014 as well.
I'm in the same boat as well. It would be helpful if PayPal would subtract shipping costs tied to a transaction in a report. I have to go through 519 transaction for 2015. Estimated shipping costs are about $8k last year. I need to find someone to do this for me, I don't have the time. I also need to redo 2014 as well.
Well Mike, as I just said in my MP to ya if you gotta pay taxes on the GB "income" then that's part of the expense of the GB and as such shouldn't be shouldered by yourself. So I've got $ to send ya for my part of the expense of that if it comes to that. And you choose how you want me to send it, PP/Dwolla/MO/bank transfer/watever.
Eh this is the government (IRS). They do what they want. Basically they saw how much potential revenue they were missing out on and since 2009 online payment processors have been required by law to file a 1099 if you hit certain sales volume criteria.
They tack the 'gain' on top of your other taxable earnings so it can be a bitch.
This really sucks. Mike would it help if people sent you a signed statement declaring they paid XXX for a purchase on a particular day? For those gift payments that will not count towards lowering the total.
IIf you're up for it, I could call him and see what he thinks you should do. All of my experience is battling for large corporations vs. states, not the actual IRS itself. I'm not a CPA (eligible but haven't sat for it) so officially I know nothing, haha.