Quote:
Originally Posted by nephinfan
I have these questions as well. On top of that...and I know this was touched on in the other thread.....do you only need to report it if you received $20K AND 200 payments? In other words, if I make less than $20K for the year on paypal, do I need to even worry about reporting it? Thanks for any help with garpike's questions, as well as mine.
|
How much you make has nothing to do with the new law. Your income is always taxable. If you report it or not is up to you but. The 200 & $20000 are the trigger points for when the financial transaction sites are required to send out a 1099 on you. The tax laws for individuals have not changed. As other have said if you are unsure of what should be done the best thing is to get advice from a CPA.
http://www.forbes.com/2009/03/17/irs...t-sellers.html