Paypal Tax Question !!!

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Basoon123

Newbie

Jan 4, 2014

11

1

• Jan 4, 2014

• #1

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

tony_d

Elite Member

Jun 22, 2013

2,673

3,294

• Jan 5, 2014

• #2

I think you'll find that's a yearly total - however, you'd want to check when their fiscal year starts and ends.

 

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nokran

Registered Member

Apr 6, 2011

55

25

• Jan 16, 2014

• #3

Assuming you're referring to the new IRS 6050W requirements, the total gross sales are calculated per calendar year.

More information can be found here:
www.paypal.com/irs

I hope this helps!

 

B

Banned member 185991

Guest

• Jan 16, 2014

• #4

why not just pay your fucking tax.

 

BusinessMagnet

Power Member

Jul 4, 2013

675

326

• Jan 16, 2014

• #5

As the above poster said, refer to this article :

Code:

https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W

 

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burnett4congress

Regular Member

Nov 17, 2011

400

167

• Jan 16, 2014

• #6

I wouldn't count on that reporting threshold. The bank secrecy act [sic] basically gives government agencies complete access to bank records.

 

B

Banned member 185991

Guest

• Jan 16, 2014

• #7

He's saying this like the NSA don't track paypal payments anyway...

What world do you like in OP.