Paypal taxing people...

[4thereal]

Is that really in effect?

 

[sincere]

yep,

Yep, it's in effect as of January 1, 2011. All of your earning will be reported to the IRS and you will receive a 1099 from them (Pay Pal) of you've earned $20,000 or more on your Pay Pal account. eBay is doing the same thing too.

 

[flaimm]

i wonder how they will tax the foreign sellers?

 

[sincere]

They won't

They won't. It has nothing to do with foreigners. It has to do with the US government and your local governments wanting a piece of the pie.

 

[MaKaVeLi_420]

yea but foreign gov's will follow suit, i would imagine. its a matter of time

 

[LMD1510]

http://blog.entrepreneur.com/2011/02/the-taxman-cometh-in-2011-for-online-entrepreneurs.php

Starting this year, PayPal, Amazon Payments, and other similar electronic-payment platforms are obligated will begin reporting to the IRS any account that earned more than $20,000 selling more than 200 individual items. Banks and debit-card providers will also be sending forms recording income that flowed into merchant accounts.

 

[4thereal]

That's fucked up. The shit ain't nothing but a online garage sale. Just a bunch ppl gettin rid of shit mainly wit some businesses going.

What if you sell 200 items but except you don't come close to $1000?

 

[rudog]

Guess I would feel it's fucked up, but I don't make 20K online either.

 

[4thereal]

I sure don't. I just sell a few things here and there.

 

[sincere]

Doesn't matter

It doesn't matter if you didn't make lots of money, because it's 200 items and/or $20,000, which ever comes first. Most of us should expect the tax man to come knocking, because most of us already went beyond 200 without making $20,000.

 

[CrImE LiFE]

I think it's only if you earned more than $20,000 by selling more than 200 items, from what I made out from that article. So if you don't meet the $20,000 and the 200 sales together they wont report your account to the IRS. I think theres still some confusion about it though.
I Just hope that shit doesn't catch on too fast here in England.

 

[rudog]

It doesn't matter if you didn't make lots of money, because it's 200 items and/or $20,000, which ever comes first. Most of us should expect the tax man to come knocking, because most of us already went beyond 200 without making $20,000.

I thought you had to make 20K, no? I doubt the IRS is going to tax me if I sell 200 .99 items.

 

[sincere]

After reading it further...

I think it's only if you earned more than $20,000 by selling more than 200 items, from what I made out from that article. So if you don't meet the $20,000 and the 200 sales together they wont report your account to the IRS. I think theres still some confusion about it though.
I Just hope that shit doesn't catch on too fast here in England.

After reading it further; I do believe that you are right. I'm still fucked in the game regardless.

 

[4thereal]

^^ that sucks!

 

[guerrero]

use peoples paypal accounts that you really trust that is what i would do.

 

[rudog]

I'm starting to wonder if I even want to deal w/pp any more. Yesterday I logged into my pp to find my account had been charged for something I never authorized. I think I've been good with not letting people phish my account, but they told me someone must have hacked it. I told the pp operator that I'm not the only person who has had this happen to them with the same company & her answer was something like "I'm sure there's many out there".