PayPal and the IRS, help!?
Hi! Here is my question; A hypothetical example,
Joe decides to clear out his basement of old vinyl records. Over the year, his collection sells for around $2500. Normally, without question I would say that Joe should definitely report the money when filing taxes. However, I seem to be finding conflicting information about this.
Check out what it says over here;
http://www.auctiva.com/edu/entry.aspx?id=Credit-Cards,-PayPal-to-Report-Sellers%27-Income-to-IRS
In there it says
“But small sellers may also avoid the extra scrutiny, given the law’s minimum threshold: Only payees with more than $20,000 in processed receipts and more than 200 transactions for the year must be reported.”
I am in a similar situation to Joe (clearing junk out that could be worth some money) I dont plan on making more than $4-5000 the whole year. Should I file that? If I do, what should it be filed as? Thank you in advance and 10 points to the best!
You are looking the wrong writeup.
Read this one:
http://www.irs.gov/businesses/small/industries/article/0,,id=202939,00.html
“Joe” is selling personal items for less than he paid. There’s no tax issue.
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