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Old 01-27-2011, 02:13 PM   #1 (permalink)
garpike
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Join Date: Jul 2010
Location: Middletown, Ohio
Posts: 6,148
Default IRS PayPal questions!? Help Us!!

ok I read this on the PAYPAL website:

4.7 Taxes. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. PayPal is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction. You acknowledge that in starting in 2011, PayPal will report to the Internal Revenue Service the total amount of the payments you receive each calendar year into all the Accounts you own if you(i) receive more than $20,000, and (ii) receive more than 200 payments, in that calendar year.

Now...

1) How will I know how much I have recieved in 2011?
2) Can I see how much I got in 2010 to compare?
3) I have been running a listing service for people so a MAJORITY of the payments are not going to be my income because I am selling for people.

Any help is appreciated.

This is so confusing. UGH!!
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