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FlyerTalk Forums > Miles&Points Credit, Debit and Prepaid Card Programs Manufactured Spending

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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, 2019, 6:15 pm

#16

tuphat

Join Date: Oct 2013

Posts: 1,322

Quote:

Originally Posted by soy

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, 2019, 9:28 pm

#17

Steve in Olympia

Join Date: Sep 2009

Posts: 2,832

Quote:

Originally Posted by soy

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 online now

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Old

Feb 6, 2019, 9:34 pm

#18

jrivers010

Join Date: Feb 2019

Posts: 12

I am guessing these are for collectors, correct?

but dam.. $1400 for a coin

jrivers010 is offline

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