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Posted By: Joann

I'm pretty diligent about keeping records of sales and reporting any gains. Of the ~3 hours I spend each year doing my taxes, about half of that is getting all of the sale info from spreadsheets. But I can't imagine not keeping records and paying tax on it. Even though it is a laughably small amount of money involved, that's just asking for trouble.

If PayPal starts reporting all info though, it would be a real pain in the rear for me. My family and I use it for things like paying someone the money you owe for your share of mom and dad's anniversary present - things like that. It's much easier than trying to remember it the next time you see someone, which could be months later. Gah I hope I don't have to start tracking that crap b/c of PayPal

J