Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-29-2018, 04:27 PM
Junior Member
 
Join Date: Oct 2018
Posts: 1
Paypal added donations to 1099k, can they rectify?

I have a paypal account and in 2014 I took donations from people online and gave one hundred percent ($13k) to CBAVC.org Cambodian Buddhism Association for Vulnerable Children, plus I paid the additional fees ($491). Paypal asked me to verify the legitimacy of the charity, I sent them paperwork from the charity, and told them we would be donating one hundred percent. They took the hold off of the account. I still had other income coming into this account, but the donations were clearly marked Donations by Paypal. I am currently on a 2 hour hold to ask them to remove these donations from the 1099-K, as the IRS is now asking for $12k+ in back taxes and fees! Do I have any other recourse? Thanks for any information.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 10-30-2018, 02:47 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
you need to solve the current issue paypal I mean to remove those donations from your 1099k:then contact the irs for sure. basically, you don't neeed to report it at all on 1040.There is no place to report this as "non-income," but just retain your documentation about the charity event along with the 1099-K in the event that you are ever questioned.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Making tax payments while having more added Uknown_Person For 2015 0 03-07-2016 08:42 PM
1099 and 1099k softball10263 Sole-Proprietorship 5 10-14-2015 11:48 PM
PayPal income ? MRAFFAELLI Miscellaneous 0 01-14-2015 11:03 PM
Template for Added Statements? belome Miscellaneous 0 02-04-2014 08:20 PM
1099k and paypal contact name ghostryder72 Filing Requirements 1 10-03-2013 12:47 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.