This is if you RECEIVE more than $600 in payments from PayPal, not PURCHASE more than $600 of merchandise, right?
So I sold something on ebay for $650 but bought it for $800...so there is no profit...so what do I do. And I have no income except SS...do I have to file at all?
Probably. We buy and sell on eBay via PayPal. They have a running tally on what we received from sales, and ran up over $1000 in sales over the last couple months. They sent us a 1099-K, and then soon sent a letter telling us to ignore it and that the info was not sent to the IRS. However, this article says otherwise, that we'll be hit by the IRS next year for this year's sales over $600.
Problem is, that those "profits" are not profits, they ignore the fact that we originally paid out money for those items and invested our labor in storing, packaging and handling the sales. Any real profit margins, if any, are slim.