new paypal/IRS rules for 2011
CEOBIDMC
Posts: 275
Was curious of any of you think this will be repealed? Also they say 200 transactions are reportable, does this imply 200 sales, or 200 times you use paypal? buying? sending money to a bank account, do they all count towards your transactions?
Regards
Paul
Regards
Paul
0
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if you use the paypal website there is a pop up banner about new IRS rules next year, that will be used in 2012.
if you exceed 20,000 in NET sales (not profit) AND 200 transactions you will be forced to file with the IRS. etc etc.
My question is does the 200 transaction include BOTH buying and selling/ transferring of money.
<< <i>if you exceed 20,000 in NET sales (not profit) AND 200 transactions you will be forced to file with the IRS. etc etc. My question is does the 200 transaction include BOTH buying and selling/ transferring of money. >>
"Applies to merchants receiving over $20,000 in gross sales volume AND 200 payments or more."
You have always been "forced" to file income with the IRS.
Those are the limits at which paypal, effective Jan. 1, is required to report your transactions (income only) to the IRS. Sellers have always been required to report income on the sale of ALL items to the IRS whether on ebay or not. The limits set for paypal (and other electronic banking) by the new law are designed to catch the bigger tax cheats, but look for these limits to be lowered over time to catch smaller tax cheats.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey