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$50 Profit + $1,400 in Spend with this PFS Coin Deal

$50 Profit + $1,400 in Spend with this PFS Coin Deal

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Old Feb 5, 19, 6:15 pm
  #16  
 
Join Date: Oct 2013
Posts: 1,018
Originally Posted by soy View Post
Done this deal last year, got a 1099 from Paypal today for the $1500 payment from PFS. Was not expecting this and now got to figure out how to deal with in my tax return

Anyone else get a 1099 for this deal?
Suggest putting the $1500 on Schedule C, line 1, gross receipts or sales. Put $1400 on line 4, cost of goods sold. Put any other expenses (unlikely?) on lines 8-27a. Net $100 income flows to Form 1040.
soy and ginmqi like this.
tuphat is offline  
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Old Feb 5, 19, 9:28 pm
  #17  
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Join Date: Sep 2009
Posts: 1,807
Originally Posted by soy View Post
Anyone else get a 1099 for this deal?
I did this same deal, and have received no 1099 from PayPal.

Moreover, my PayPal account says that I have no tax statements for 2018.
Steve in Olympia is offline  
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Old Feb 6, 19, 9:34 pm
  #18  
 
Join Date: Feb 2019
Posts: 10
I am guessing these are for collectors, correct?

but dam.. $1400 for a coin
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