Is this for real? Paypal

[BDW]

[BDW]

http://pagestat.com/blog/tag/irs-paypal-form-1099-k/ :shrug:

[Tina]

Yep!
https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us%2FIRS6050W

But you have to sell a hell of a lot on paypal:

Applies to merchants receiving over $20,000 in gross sales volume AND 200 payments or more
Applies only for sales beginning on January 1, 2011

[drag0nfeathers]

Wow, that sucks! I certainly don’t do enough to meet the threshold in either catagory though, but still.

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[Amanda]

I was wondering about that as well…This year, I have made the conscious effort to keep track of my records, before I even knew about this. The past three years I didn’t. But I have noticed the trend of my sales increasing, so I knew I would have to report things sooner than later. Every year, my paypal income doubles. This year, I expect to take in around $8,000. last year I took in around $4,000, and the year before that, I only took in about $1,500.

As you can see though, I STILL have a long way to go on order to get up to $20,000! But I do still want to keep track starting now, just in case…My sales “rocket” this year. :yes: * I hope so, anyways*

[Jennifer]

Everyone’s choices are their own and I want to be clear that I am not trying to guilt trip anyone! But technically any earnings you make through Paypal you should be reporting on your state and federal income tax, and should be keeping close records on anyhow…
I am only bringing this up because getting busted for tax fraud is VERY scary. D: I don’t want that to happen to any of my friends here.

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