There is another, very important reason NOT to accept payments via PayPal for casual, hobby related transactions.
Effective this year, PayPal (and Venmo) now issues an IRS form 1099-K to anyone receiving more than $600 in a calendar year. Therefore, you have to report your proceeds as income, unless you can provide documentation that you sold the item for less than you paid for it. A hassle just not to be invited. The last thing you need is a reason for the IRS to scrutinize your tax return. Ask me how I know. Last year, I sold a bunch of ham radio equipment and took payment by PayPal. When the 1099-K arrived, my CPA (who happens to be my XYL) went crazy. Naturally, I did not have documentation about exactly when and for how much I had acquired some of this gear. KISS - take payment the old fashioned way - via check sent through snail mail. Tom K3AJ ______________________________________________________________ Elecraft mailing list Home: http://mailman.qth.net/mailman/listinfo/elecraft Help: http://mailman.qth.net/mmfaq.htm Post: mailto:Elecraft@mailman.qth.net This list hosted by: http://www.qsl.net Please help support this email list: http://www.qsl.net/donate.html Message delivered to arch...@mail-archive.com
