Well I got rude surprise today when Paypal sent me a 1099k for stuff I sold on the board. A few rods and some electronics. Didn't know that IL requires reporting for 1k and above, the lowest of any state. Anybody had to deal with this before? How do you deal with reporting selling used stuff that you didn't need anymore?
Well it’s documented so... guess you gotta factor in sales tax
Nitro z21
That would be a surprise for that amount of money
Just talk to an accountant to get it figured out. I believe I have had to do that in the past as well and they just plug in a certain percentage for sales tax for buying and selling online.
Kayak Bass League - President
https://www.facebook.com/groups/kayakbassleague
yep got mine too. Hello Venmo!!
Same here. About to sell my boat and buy a new one so the next screwing this state is about to give me is on the sales tax on anything over 10K. I still don't think that should be illegal but what do you do
Last edited by Koma; 01-25-2021 at 06:24 PM.
Money can't buy happiness but it can buy fishing baits and that's about the same thing
I think they are looking for income tax on the profit too. I'll ask my accountant but how do you report selling used fishing equipment that's been yours forever. That would be a loss, not a profit. 1k limit seems ridiculously low.
all I can say is,,,,Priktzer....Evers.....they have to go
If you can find the receipts you may not have to pay much.
Illinois ... has a bulletproof Liberal majority ... or do they call it "Progressive"? We are sanctuary state... last year they gave us a $100 increase for our trailer plates. If you were offended - it doesn't matter because the population centers i.e. big cities will outvote you every time. So pay your taxes and wait for spring. That 1099 will follow you until you pay. If you want to shake hands with a politician in Illinois you likely will have to reach into to your own pocket.
Last edited by hooksetter5; 01-26-2021 at 09:27 AM.
Mississippi River Pool 13
Ranger R93 / Merc 200
Venmo is owned by PayPal!Originally Posted by Crankin
eBay owns both.
2017 Bass Cat Phelix Honda 25 SOLD
2007 BCB Cougar FTD Merc Opti 225 SOLD
Instagram: @SSgt93.
I don't subscribe to threads. PM if you need me.
So what about bass clubs, non-profits. We started taking entry fees via PayPal during COVID, they sent me a 1099 for the entry fees. The payouts are rarely done via PayPal and are done by our checking account. How do you account for taxes on that when we didnt turn a profit.
Honestly you should have the Paypal account set up with a tax ID so you are registered as a business...that would alleviate your issues in the future. Our club does all of our business through Paypal....entry fees and payments which makes it much easier to track. If you write checks make sure you keep records of all of the checks and such...which should be under a business account. You will end up deducting the payouts against the entry fees collected. I highly suggest getting an accountant involved as it will save you a major headache.
Kayak Bass League - President
https://www.facebook.com/groups/kayakbassleague
You'll get one from them too...
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