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HomeAircraftHelicopterHelicopter Main Discussion › Paypal sent me a 1099!!!!
02-10-2018 04:47 PM  8 months agoPost 21
youngbuck

rrApprentice

Maine

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Man I thought Maine was bad, But it sounds like You Mass holes have it WAY worse. Haha I'm sorry. That name is typically used for the way some of you drive through our state and all the old timers coined it. But Girl Scout cookies? Honestly!!!

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02-10-2018 08:42 PM  8 months agoPost 22
jharkin

rrApprentice

Holliston, MA - USA

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youngbuck
Man I thought Maine was bad, But it sounds like You Mass holes have it WAY worse. Haha I'm sorry. That name is typically used for the way some of you drive through our state and all the old timers coined it. But Girl Scout cookies? Honestly!!!
Well luckily its just a paperwork hassle for me... The reported money is still not taxable income, just may take some work to justify i.... *if* they even bother to chase people down about such small amounts (which is questionable).

But you still have to pay 7.95% income tax while I am only paying 5.1%. I think I will stay down here

But our masshole driver nickname... yeah thats earned

-Jeremy
Whiplash-G
Helix 700G
T-Rex 450 fbl conversion
alot of planks

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02-23-2018 04:34 PM  7 months agoPost 23
jharkin

rrApprentice

Holliston, MA - USA

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https://www.mass.gov/service-detail...d-party-sellers

So this took a lot of effort - but we convinced the state of Mass to issue guidance.

I saw we, because myself and a half dozen folks on a personal finance board I am on debated this for a couple weeks and multiple of us actually called and emailed the MA DOR and got them to agree to publish the above.

For most of us #2 applies. Note that they have now added formal language to say its not just not taxable, its also not reportable. i.e. you dont have to fill out a schedule C or a schedule D. You dont need to do any fancy math to zero it out. You can just ignore it.

Its still unclear if the IRS will feel the same way, so I suggest if you have a 1099, print out that article, and staple it to your 1099 along with as much documentation as you can find to prove you where selling at a loss.

-Jeremy
Whiplash-G
Helix 700G
T-Rex 450 fbl conversion
alot of planks

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04-05-2018 11:27 PM  6 months agoPost 24
KingCobra Heli

rrApprentice

MA-USA

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I just wanted to thank everyone who responded to my post. I have been crazy busy with work and have only been on once since my rant...lol. I found your info helpful and my accountant looked into it as well. Thanks again.

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04-06-2018 05:08 PM  6 months agoPost 25
Heli_Splatter

rrElite Veteran

USA

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..

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HomeAircraftHelicopterHelicopter Main Discussion › Paypal sent me a 1099!!!!
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