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Ebay Seller Tax question!

Discussion in 'Ebay' started by Basoon123, Jan 4, 2014.

  1. Basoon123

    Basoon123 Newbie

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    Lets say my total amount of transactions is 50 and total sold is $15,000 from August 2013 to December 31 2013. Paypal says they only report to IRS if its 200 transactions and $20,000 within one year


    Considering that now is January 3rd 2014 and a new year does that paypal still keeps track of this 15k and will wait until i accumulate to 20k and report my earnings or since this is a new year the amount is reset and not have to worry about another $5,000 of earnings?
     
    Last edited: Jan 4, 2014
  2. Polynom

    Polynom Junior Member

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    PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year.

    Sothis is correct:"since this is a new year the amount is reset and not have to worry about another $5,000 of earnings"