PayPal & IRS Issue

Out of context: Reply #25

  • Started
  • Last post
  • 29 Responses
  • ********
    0

    ukit

    I got audited like crap for 2 years on camera equipment purchase. All from PayPal transactions. I had to explain to them that they were personal use etc. They said no as the prices of equipment were too high to be considered as a hobby.

    So I reported them as capital cost and write off. Ended up getting a refund because I had no income using the equipment. The net negative, after paying taxes on the selling of equipment, was still high.

    ********
    0Permalink
    UpvoteDownvote
    Flag
      Show [[ numHiddenNotes ]] more notesAdd Note
      SaveCancel

    View thread