IRS and Paypal?

So I'm starting to sell gold, but I don't want to get called by the irs at my house and my mom answers it. I already get about $20/day, and I'll soon start making roughly $100/day. So... will IRS call if I get over 5 grand or something?

 

Your bank is obligated to report your total bank deposits per month if it's over X amount I believe.

This will depend on your country's laws.

 

I think in the U.S. it's like $2,000 or 200 transactions using paypal within a year.

I remember reading something about it a while ago, could have changed since then.

 

Paypal is required to report on you if you have both
1. 200 transactions in a year
AND
2. $20,000 gross income

 

Thanks!

 

So if they report you... what happens?

 

Wow I never knew this. Happen to know it for Belgium too Pockets? :/

 

The IRS will know about your transactions and you will be expected to report them.

Sorry, I have no clue about tax laws in Belgium.