Paypal question

5 replies
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I sold items on paypal in 2020, but not enough to get a 1099 form. What information do I need to report, and how do I get that information?

Also, where do I enter that Information on Turbotax?

Not A Product Question

DawnC

Employee Tax Expert

It depends. Did you sell item for your business or did you sell personal items for a gain? A Tax Filing Factsheet for eBay Sellers This applies to other platforms as well, not just E-bay!

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mert35xxAuthor

Level 2

I had purchased some trading cards from places like Walmart , Target, etc., and sold some of the extras I had to cover what I was keeping. I think my total sold was about $3300 in 50 or so transactions. I wouldn’t consider it a business. I only did it for about 2 months.

gloriah5200

Alumni - Intuit

So, you could consider it a hobby or just sales of personal property? Was this a "one-time" event or will you continue to buy and sell baseball cards as a hobby or business?

If you consider it a hobby, then you would include the income on the other income line of your return.

However, IRS would consider this the sale of collectibles and the sale of collectibles is considered a capital gain/loss situation.

Please refer to the following link for additional information:
Sale of collectible baseball cards