Paypal & Tax
 

Does paypal report income to the IRS?

If I sell shit on ebay and get money for it via paypal and then pay other people from paypal, does it have to report it as income and expenses ?

doesn't really matter.... if you transfer funds to your bank account, that's the bottom line right there. If you get audited, the tax man is gonna say, "gimme your bank statements..... "

and you better have a good excuse for those deposits if you didn't claim them.

I don't do any depositing though. I just sell stuff and then use the $ earned to pay other people or buy other shit. Sometimes they bill my visa when I don't have enough to pay someone just in my paypal account.

then no, I wouldn;t think you'd have anything to worry about. Paypal is not gonna 1099 you.

hard to hide money

not really....

i hide it under my pillow

The only thing they report is the amount of interest gained from that year

paypal pays you interest?

real rocket surgens here - talking about hiding money on a public board.... yup - I think the IQ level of this place just went down a few points.

ya mine says they pay 1.7%

i'm talking about a couple hundred bucks from small shit on ebay not pushing millions with my paypal.

I will come and get it !!

<a href="http://links.verotel.com/cgi-bin/make_link.verotel?verotel_id=9804000000367069">
<img border=0 src="http://www.verotel.com/gfx/button.gif"></a>

What's a surgen? lol

i will slice you with my sword, off with your head!

the tooth fairy is going to jack your shit

well then off with her head too!