Quote:
Originally Posted by Ron Bennett
Yep. And to emphasize, BOTH those above thresholds must be met ... $20K payments AND 200 transactions.
Very few PayPal users do that much in gross sales and volume in the same year.
onedree- no need to withdraw. It wouldn't help anyways in regards to the reporting requirements.
In the fine-print, all PayPal payments for goods and services, both on and off eBay, count, including, if my understanding is correct, even those payments later refunded / credited back. As for personal payments, those supposedly aren't counted towards the thresholds, but it may be PayPal's discretion in edge cases.
Ron
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I thought thier email said either or. In any case anyone who does not report their paypal earnings to the IRS is asking for trouble anyway. People who do not pay taxes have a unfair advantage over people who do.