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PayPal will require SS# & report receipts to IRS

ter1413

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i saw a thread on this already!
 

MBreinin

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Expect to see a large shift to Google checkout.

Mike
 

taxgenius

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This is not a reason for concern as B&S sellers have been reporting their profits to the IRS even prior to this mandate.
 

Twotone

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Never have and never will use paypal (or GCO). Cash, credit cards, money orders and wire transfers work fine for me.
 

jrd617

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Tax Genius, maybe you can answer this question. I'm assuming you're an accountant or auditor by the looks of your username.

This is the first year I sold a lot on B&S. What's the policy if you break even or lose money on certain items that you haven't worn but want to get rid of? (And no longer have the original receipt)

Of course, I realize that any net profits have to be counted as personal income.
 

ter1413

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Originally Posted by taxgenius69
This is not a reason for concern as B&S sellers have been reporting their profits to the IRS even prior to this mandate.


 

idfnl

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Originally Posted by MBreinin
Expect to see a large shift to Google checkout.

Mike


Unless you use ebay.


By the way, PayPal is already passing their records on to the IRS, they have been since last year. 2011 will be official. An accountant buddy told me about this.
 

SpooPoker

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Originally Posted by patrickBOOTH
Spoo is screwed!
Nope, just Spoo, LLC!
Originally Posted by idfnl
By the way, PayPal is already passing their records on to the IRS, they have been since last year. 2011 will be official. An accountant buddy told me about this.
100% false. Disclosure begins 1/1/11, they are not releasing anything prior.
 

greekgeek

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so will I get a credit when i sell items for a loss?
 

aj_del

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BTW, are some of you guys who receive PP from around the world worried about inquiries regarding where you are getting the money from and for what purpose.
 

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