Good afternoon Blue-Vintage! Wanted you to know your helpful posts hadn't gone unnoticed....
Legally your supposed to report the first dollar you earn as income. How you handle it depends on the chance you wish to take.
I am not clear on the 2011 reporting of eBay income--I do not sell anywhere near $20,000 a year but I have about 600 sales a year. What do I do?
Any of you remember giving pay pal your social security number when you signed up?
The $20,000 wouldn't worry me because I wouldn't come anywhere near that with my selling habits. However, that second prerequisite for over 200 payments worries me quite a bit. A lot of us can make 200 payments from buyers but not come anywhere near the 20,000 threshold. Does this mean they take one or the other into account, or both?
No, I don't remember doing that. Did I?
I know that I am limited to withdrawing $500/month from my account, and to lift the limit one of the things I can do is "confirm my SSN". I don't know if I ever gave it to them in the first place (I'm pretty particular about that!), so I won't "confirm" it.
I have the same thoughts and question.
What about the “AND” in the wording between 1 and 2?
Such a little word yet so very critical in the compostion of the statement.
However, I guess with the semi colon it means either/or, not "AND".
This is how it's written-
Under the legislation, PayPal will be required to report to the IRS the total payment volume received by PayPal customers in the U.S. who:
1-receive more than $20,000 in payment volume in a single year; and
2-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. Our goal when the legislation takes effect is to make it easy for PayPal merchants who fall under the provision to report their taxable incomes.
wasn't the original proposal from the IRS for sales $600.00 +?
ebay talked em to $20,000.00.