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Heard this is a possiblity this year. Anyone have any insite on this? Does this mean anyone who went in thier basement and sold some a 30 year old board game and accepted paypal will have to pay tax on this? This could really change the face of ebay and how folks accept paymnets.
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LOOK
Action Figure Design & Prototypes
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How can they tell if someone was actually selling/buying something or just transfering money ? ... perhaps from one account to another .
Example, Mego Museum's donation's were not buying or selling anything.
They would want money on all transactions no matter what they were for ?Comment
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No need to worry just yetUnder the legislation, PayPal will be required to report to the IRS the total payment volume received by PayPal customers in the U.S. who:
receive more than $20,000 in payment volume in a single year; and
receive more than 200 payments in a single year.
This legislation applies to all payment providers including PayPal and takes effect in 2011, so the first reports will go to the IRS in January 2012.
"...The agony of my soul found vent in one loud, long and final scream of despair..." - Edgar Allan PoeComment
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Well this is good news.LOOK
Action Figure Design & Prototypes
For Samples See Home -Type 3 Body & Spiderman
To Contact: [email protected]Comment
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Technically you are supposed to pay taxes on anything you sell, yard sale, eBay, traditional auction...
Technically they can kiss my *** if they want me to willingly give up more money.Comment
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Seven years eleven months left on the mortgage. I hate all those "I'm moving to Canada" ****, but once the mortgage is gone all bets are off. Belize, Honduras, Guat...Comment
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I always claim my Paypal (and all) sales on my taxes through itemization. Then again, I also claim the percentage of my home dedicated to my business and write off Megomeet as a business expense.
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LOOK
Action Figure Design & Prototypes
For Samples See Home -Type 3 Body & Spiderman
To Contact: [email protected]Comment
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It sounds like they are only going after people who sell on Ebay as a part-time job ($20,000 is a pretty large cut-off).
Even though technically, you are supposed to pay taxes on things sold at garage sales, etc., it generally is ignored because you are typically selling it for less than what you paid for it so no gain in the sale.
As far as the home office deduction....good luck. That is one of the top screens that the IRS looks for in deciding who they want to audit. If everything is legit, nothing to worry about but the IRS has very strict guidelines as to what they consider a home office."The farther we go, the more the ultimate explanation recedes from us, and all we have left is faith."
~Vaclav HlavatyComment
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You never know how this would really work out if strictly enforced. For instance, if I have to pay taxes on toys that I buy and sell on ebay, then you should be able to deduct any losses as well. Just like gambling. So I'd just claim everything as a loss since I have awesome records of everything I've bought an sold and I know I can easily show this as a loss. If I have to pay tax on the profit, I should get to deduct the loss, right?Like M.A.S.K.?
www.albertpenello.com/maskComment
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I really like the barter system.Comment
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