PayPal will require SS# & report receipts to IRS

mussel · Dec 2, 2010

Starting Jan. 1, 2011, if you receive 200 payments and $20,000 in gross receipts, you're required to provide SS# to Paypal and will receive an 1099 in early 2012. This doesn't seem to affect casual B&S and eBay sellers.

https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

ter1413 · Dec 2, 2010

i saw a thread on this already!

patrickBOOTH · Dec 2, 2010

Spoo is screwed!

MBreinin · Dec 2, 2010

Expect to see a large shift to Google checkout.

Mike

rebel222 · Dec 2, 2010

Originally Posted by MBreinin

Expect to see a large shift to Google checkout.

Mike

This new IRS reg. applies to GCO also.

taxgenius · Dec 2, 2010

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 · Dec 2, 2010

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

jrd617 · Dec 2, 2010

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 · Dec 2, 2010

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.

FStyles · Dec 2, 2010

****.

Master Squirrel · Dec 2, 2010

Luckily, I am in orbit...

idfnl · Dec 2, 2010

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 · Dec 2, 2010

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 · Dec 2, 2010

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

aj_del · Dec 2, 2010

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.

PayPal will require SS# & report receipts to IRS

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