Comment: Yes, I did receive the 1099

(See in situ)


Yes, I did receive the 1099

Yes, I did receive the 1099 from Paypal. I'm going to bring a copy of it with me on Monday. The amount on the 1099 is the amount the IRS is trying to tax me on. They are considering this figure (37000+) as my PROFIT. This is patently absurd. I paid Ebay almost 4000 dollars out of this amount alone. Paypal extracts their fees out of it too. The IRS is trying to tax me for money that I sent to Ebay & Paypal for fees! Needless to say, I never saw that cash. They are also ignoring my standard deduction as well as my entire tax return as if they didn't receive it. I know they got it because they know how much I actually paid in self employment tax ($718). The 1099 actually tells you nothing about what a person actually made during the course of a year. There are obviously a number of variables that affect your bottom line. If you go to a bank for a loan, for example, they are going to want to see your tax return. They could care less what the 1099 says because that doesn't tell them squat about what you actually made in profit. You could have spent twice what you took in, which would mean you made negative profit (loss). Thanks for the suggestion.
Jeff