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Pinbreaker
Well-known member
So I just checked my Paypal to see if I had any forms from them and I see this.. 
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Reminder PAYPAL Tax Documents you might need..
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lisu
Active member
me too.
JEBJJA
Active member
How do I know? And how much can we make or sell before we have to report? Suppose we make $3,000 and never pull it out and just spend it on cards?
I would check things again in early February. It's hard for me to believe that Paypal has their stuff together and knows right this moment which people need to be sent tax documents. My brokerage and credit union don't have my docs ready yet for tax filing purposes.
Plus, who knows what thing might have gotten slipped into the fiscal cliff avoidance law (with no fanfare from the media outlets who have reported some of the law clauses) that might have lowered the amount of combined transactions that needs to be reported on a 2012 tax document.
Plus, who knows what thing might have gotten slipped into the fiscal cliff avoidance law (with no fanfare from the media outlets who have reported some of the law clauses) that might have lowered the amount of combined transactions that needs to be reported on a 2012 tax document.
I would think that if anything changed it would be for the year 2013 not 2012, not sure how they could just change something like that at the last second.
Pine Tar
Active member
Legally you should report any of it no matter how small. But us a hobby and most don't anyway. Nor does the IRS care about the small fish.
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carrsallstars
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- Sep 16, 2009
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The question intrigued me so I spoke by phone to both Paypal & Ebay supervisor level CS people,,, both indicated "by Jan 31st if you exceeded the qualifying limits ",,,,, they have not processed them yet,,,, by the way there are easy steps to run reporting to see if you exceeded the transaction (200) or monetary ($20,000) limits,,,,,
While I blew by the payment received limit (641 transactions) I was not even close on the money end so no worries here
For those of you who desire to learn about the how to understand the IRS 6050W reporting PayPal actually has a nice write up about it that simplifies it which will answer all the questions you may have, show you step by step how to run the reporting, and hopefully make the process flow easier for you.
UNDERSTANDING IRS6050W
Good luck to the rest of you !!
Jeff
So you have to go over the 200 transactions AND the $20,000 for paypal to report you then? I can never seem to pin down whether it is OR vs. AND...
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yep both
carrsallstars
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Thanks
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