IRS and Paypal?

Discussion in 'Assets and Investment' started by armyofu2, Nov 4, 2011.

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IRS and Paypal?
  1. Unread #1 - Nov 4, 2011 at 6:03 PM
  2. armyofu2
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    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?
     
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  3. Unread #2 - Nov 4, 2011 at 6:37 PM
  4. just un dude
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    IRS and Paypal?
    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.
     
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  5. Unread #3 - Nov 4, 2011 at 7:55 PM
  6. Bleet21
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    IRS and Paypal?
    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.
     
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  7. Unread #4 - Nov 5, 2011 at 2:57 AM
  8. Pockets
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    IRS and Paypal?
    Paypal is required to report on you if you have both
    1. 200 transactions in a year
    AND
    2. $20,000 gross income
     
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  9. Unread #5 - Nov 5, 2011 at 4:27 PM
  10. armyofu2
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    IRS and Paypal?
    Thanks!
     
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  11. Unread #6 - Nov 7, 2011 at 3:40 PM
  12. N Papadopulos
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    IRS and Paypal?
    So if they report you... what happens?
     
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  13. Unread #7 - Nov 7, 2011 at 4:11 PM
  14. Yenthe666
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    IRS and Paypal?
    Wow I never knew this. Happen to know it for Belgium too Pockets? :/
     
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  15. Unread #8 - Nov 7, 2011 at 7:55 PM
  16. Pockets
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    IRS and Paypal?
    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.
     
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