Paypal and irs question--help pls!!
I think I understand that if you sell over $20, 000 with over 200 transactions in 2011, then paypal gives that figure to IRS--So is this entire amount then counted as income?? are you taxed above and beyond the 20K?? what if you don't have proof of purchase (s) from 5 yrs ago when the vintage prices were way higher and now you sell at a loss??? and finally, hopefully for a tax person to see this, if I am on Social Security and one's income can't exceed 14K+ , does this count towards income vs Soc Security benefits???????
thanks in advance
Bill
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