[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 19:12:02 -0500
Message-ID: <61E3EF3D468D49F786967DB33709CFD4_at_StuartMcDaniel>

It came from my accountant.



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

http://spacerocks.weebly.com
-----Original Message-----
From: Michael Mulgrew
Sent: Monday, January 30, 2012 6:48 PM
To: Meteorite List
Subject: Re: [meteorite-list] For those of you that use PAYPAL I got this
email today.

Stuart,

You've made the classic mistake assuming that laws apply equally to
everyone.

Michael.

On Mon, Jan 30, 2012 at 3:42 PM, Stuart McDaniel
<actionshooting at carolina.rr.com> wrote:
>
> 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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>
>
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> *************************************************
>
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>
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Received on Mon 30 Jan 2012 07:12:02 PM PST