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Old 08-09-2008, 03:56 AM   #1 (permalink)
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Default Paypal is going to help you do your taxes...

PayPal to Report eBay and Merchant Payments to IRS
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Old 08-09-2008, 04:21 AM   #2 (permalink)
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wow. so does this mean paypal/ebay will report accounts from the year 2011 going forward?
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Old 08-09-2008, 08:13 AM   #3 (permalink)
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It could definitely hinder group breaks on here. I bet HJ is flirting with both 200 transactions and $20K in paypal received just from doing group breaks.
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Old 08-09-2008, 09:54 AM   #4 (permalink)
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They will have to look at the amount of money going out of the account used to purchase the cases, singles, etc. as well.
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Old 08-09-2008, 10:23 AM   #5 (permalink)
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Quote:
Originally Posted by otmack2o View Post
They will have to look at the amount of money going out of the account used to purchase the cases, singles, etc. as well.
Do not think so thats NOT Paypal job.......you will have to report those transactions in Schedule C to justify that income as items purchased etc etc...I do believe...??
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Old 08-09-2008, 10:32 AM   #6 (permalink)
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Do not think so thats NOT Paypal job.......you will have to report those transactions in Schedule C to justify that income as items purchased etc etc...I do believe...??
Peter
Peter, I think you are misinterpreting what I posted. I didn't say that paypal would have to report those numbers, but rather the IRS will have to look at what the sellers have put into the items they are selling. This of course assumes that the sellers report these cots. Perhaps my original post was not clearly worded.
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Old 08-09-2008, 10:56 AM   #7 (permalink)
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Well it will be interesting because buyers & sellers use paypal for purchases other then from ebay.......it just another way for the Government and States to collect taxes due.
In Ma when you do your taxes they ask if you purchased items out of state...and if you check no and they find out they will bill ya.
Example a friend I work with got a Ma tax bill for the cigarettes she bought via computer out of state for over $1200 for the surcharge of the Ma Tobacco tax she didn't pay.......or the car you purchased in NH to register the car in Ma. you have to provide a bill of sale and PAY the 5% Ma. sales tax...I could go on and on grrrrrr
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Old 08-09-2008, 11:28 AM   #8 (permalink)
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so if this all takes effect 2011, then they will not touch or look at anything we do prior to, right?

KMD - where the hell are you you're the lawyer amongst us LOL
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Old 08-09-2008, 12:08 PM   #9 (permalink)
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The better question is, how many sports card sellers actually make a profit by selling on eBay? I am compiling my YTD numbers right now and I definitely haven't profited during 2008. However, this does not take into account inventory on hand and I am not sure how to accurately assign a value to items on hand.
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