[meteorite-list] For those of you that use PAYPAL I got this emailtoday.

From: al mitt <almitt_at_meteoritecentral.com>
Date: Mon, 30 Jan 2012 23:25:11 -0500
Message-ID: <8E432AE460B9489E9C36BEE7A9598887_at_StarmanPC>

Greetings,

I have always wondered how many "dealers" are registered in their state as a
business? While it might be up to you to fill in the blanks, if your are
audited then you will have to provide buying prices on receipts and selling
prices from PayPal and elsewhere to make some sense of it all. If you can't
then they will estimate the tax you owe, including several years back if you
don't have records. The're always generous when they estimate on their side.

If you sold a few specimens and it wasn't in the thousands then I wouldn't
worry too much about it.

--AL Mitterling



----- Original Message -----
From: "Shawn Alan"
To: "Meteorite Central"
Sent: Monday, January 30, 2012 5:12 PM
Subject: [meteorite-list] For those of you that use PAYPAL I got this
emailtoday.


> Hello Listers
>
> From PayPal
>
> "
> At the end of this month, PayPal will send you and the IRS a copy of your
> Form 1099-K for the 2011 tax year in accordance with Internal Revenue Code
> Section 6050W. Under the new rule, PayPal is required to report the total
> payment volume received by any payee that:
> ?Received more than $20,000 in gross payment volume from sales of goods or
> services in 2011, AND
> ?Received more than 200 separate payments in 2011.
> If you receive a 2011 Form 1099-K, this means your PayPal account exceeded
> both thresholds during the 2011 tax year.
> What do I need to do?
> Please contact a tax professional for direction on how to use Form 1099-K.
> PayPal is not qualified to give you specific tax guidance. To review a
> blank copy of Form 1099-K,
> Questions?
> If you have questions about the information contained on the form, please
> visit paypal.com/irs.We?ve updated the site with helpful information and
> FAQs about Form 1099-K and its contents.Learn More.
> We appreciate your business and look forward to a continued partnership.
> PayPal
>
> So for all of you that use paypal for meteorite trading or selling or both
> to send funds back a forth paypal will be send this to the IRS not taking
> inconsideration if what you sold was at a lose.
>
> Shawn Alan
> IMCA 1633
> eBay Store
Received on Mon 30 Jan 2012 11:25:11 PM PST