[meteorite-list] For those of you that use PAYPAL I got this email today.

From: Stuart McDaniel <actionshooting_at_meteoritecentral.com>
Date: Mon, 30 Jan 2012 18:42:46 -0500
Message-ID: <DD6803A01D46430B9A77B3FD672C64DC_at_StuartMcDaniel>

I thought there was a new law passed that ANYONE paying anyone more than
$600.00 during the year had to send the recipient a 1099.



Stuart McDaniel
Lawndale, NC
Secr.,
Cleve. Co. Astronomical Society
IMCA #9052

http://spacerocks.weebly.com
-----Original Message-----
From: Galactic Stone & Ironworks
Sent: Monday, January 30, 2012 6:15 PM
To: Don Giovanni
Cc: Meteorite Central ; Shawn Alan
Subject: Re: [meteorite-list] For those of you that use PAYPAL I got this
email today.

Render unto Caesar what is his.

I wonder if General Electric, FedEx, Verizon, or Bank Of America will
get one of these forms? Oh wait, nevermind, those companies pay zero
income tax.

Shawn, maybe if you were a multi-billion-dollar corporation, then you
wouldn't get that form from PayPal. Better step up the sales, hide
your assets offshore, and hire a team of tax attorneys to convince
Caesar that you shouldn't pay a thin dime. ;)


On 1/30/12, Don Giovanni <don.giovanni50 at yahoo.com> wrote:
>
> On Jan 30, 2012, at 12:12 PM, Shawn Alan wrote:
>
>> ....paypal will be send this to the IRS not taking inconsideration if
>> what
>> you sold was at a lose.
>
> Well, yes....but isn't pretty much the same as, say, selling a stock in
> the
> stock market? The IRS is informed of the stock selling price only, and
> it's
> up to you to then fill out your taxes with the buy-price factored in, so
> that you're only paying tax on the profit. Or loss, which can then be
> claimed.
>
> I'm assuming the tax return would be filled out the same way, for
> meteorite
> sales, am I wrong?
>
> DG
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Received on Mon 30 Jan 2012 06:42:46 PM PST