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  • Not vetted for CNN

    • Posted March 12, 2012 by
    chariotman1
    Location
    Oregonia, Ohio

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    1099-K Surprise Ebay and Paypal Users

    By chariotman1  |  Posted March 12, 2012  |  Oregonia, Ohio
     
    Starting in 2011, the IRS is requesting merchant transactions via credit cards or third party merchants be reported on a 1099-K. This means all those merchants selling things on ebay, etc. will now have to file their taxes to accomodate the 1099-K whether it is miscellaneous income or schedule C business income. In other words, selling something on ebay and making a profit is now taxable in 2011. I bet it surprises a lot of people and they will be subject to tax fraud by not reporting it. I don't like government intervention, but the free ride had to end sometime for some people not reporting all their income voluntarily.

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