Author Topic: PayPal 1099Ks Incoming (Read 2128 times)

JohnTravolski · « **on:** January 12, 2022, 14:25 »

For everyone based in the US, now that PayPal will issue us 1099Ks starting for tax year 2022, how will we handle this considering we also have 1099-MISCs reported by Shutterstock/AdobeStock/Pond5/etc? That means the income will be double reported. What is the correct way to handle this? Do we report it twice and write it off once somewhere? Only report it once? I don't want the IRS to think I'm underreporting my income when in actuality it was simply sent to them twice.

Sean Locke Photography · « **Reply #1 on:** January 12, 2022, 14:30 »

I ignore it and report my cash income as always.

Shuttershock · « **Reply #2 on:** January 12, 2022, 16:34 »

Just ensure your expenses outweigh any earnings and therefore pay no tax

cascoly · « **Reply #3 on:** January 13, 2022, 13:18 »

Quote from: aphasia on January 12, 2022, 16:34

Just ensure your expenses outweigh any earnings and therefore pay no tax

poor/incomplete advice -- you need to show a profit within the IRS timespan, otherwise it's treated as a hobby, with no deductions allowed & possible penalties for previous years

JohnTravolski · « **Reply #4 on:** January 14, 2022, 15:10 »

These responses are not helpful. I am obviously going to pay my taxes but I need to know how to prevent it from getting double reported. Besides my earnings are so massive I could never incur enough expenses to completely write them off. Unless investments count as expenses (joking).

JohnTravolski · « **Reply #5 on:** January 14, 2022, 15:11 »

[accidentally posted twice somehow].

Sean Locke Photography · « **Reply #6 on:** January 14, 2022, 16:10 »

Quote from: JohnTravolski on January 14, 2022, 15:10

These responses are not helpful.

Sorry. You asked, I answered.

Uncle Pete · « **Reply #7 on:** January 14, 2022, 16:22 »

Quote from: JohnTravolski on January 14, 2022, 15:10

These responses are not helpful. I am obviously going to pay my taxes but I need to know how to prevent it from getting double reported. Besides my earnings are so massive I could never incur enough expenses to completely write them off. Unless investments count as expenses (joking).

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Author Topic: PayPal 1099Ks Incoming (Read 2128 times)

JohnTravolski

Sean Locke Photography

Shuttershock

cascoly

JohnTravolski

JohnTravolski

Sean Locke Photography

Uncle Pete

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