PayPal IRS Statements

[GehrigFan]

Has anyone else received their IRS statements from PayPal (for selling over $20K plus 200 transactions) yet? I thought they only had until Jan. 31st to get them out? Or do they not send them through the mail this year?

[Majestic]

I have never gotten an email sent to me, i have always had to get it manually. It has been available on the Paypal site for at least a week. Log in , click on "Activity" then click "Statements" (On right hand side) .. Then click on "Tax Documents" then choose year. Hope that helps.

[autograf]

Interesting.........Friends/Family DOES count against your total. Wasn't sure about that.

[glchen]

I just checked my Paypal account, and I haven't received my statement yet. I was pretty sure that I was over the threshold also, but it's possible I had fewer than 200 transactions.

[Leon]

I am curious, does anyone know if we were going to get one would it already be posted on the paypal site, under tax documents (as correctly pointed out above)? Mine says..

Tax documents
Tax year:

Here are your 2014 tax documents.

Document Description
You have no 2014 tax documents.


.

[slidekellyslide]

Originally Posted by Leon

I am curious, does anyone know if we were going to get one would it already be posted on the paypal site, under tax documents (as correctly pointed out above)? Mine says..

Tax documents
Tax year:

Here are your 2014 tax documents.

Document Description
You have no 2014 tax documents.


.

Mine came right up...I have received nothing in the mail as of yet. I would assume they do this form for everyone even if they didn't hit the $20,000, but I could be wrong.

[Bocabirdman]

This year, I have hit neither threshold and there is no statement for me on My PayPal.

[slidekellyslide]

Originally Posted by Bocabirdman

This year, I have hit neither threshold and there is no statement for me on My PayPal.

Interesting...so someone with $19,999 in sales has to report nothing to the IRS?

[Bocabirdman]

Originally Posted by slidekellyslide

Interesting...so someone with $19,999 in sales has to report nothing to the IRS?

Or more, if the second threshold of 200 transactions is not met..

Lifted from PayPal Help:

Starting in 2011, PayPal is required by the IRS to report the sales of goods and services for customers who, in a single year receive:
• More than $20,000, AND
• 200 or more payments.

[D. Bergin]

I received an e-mail from Paypal that the numbers were off on the first statement they put out for whatever reason, and they were working on getting the correct paperwork done and sent out.

[D. Bergin]

Originally Posted by slidekellyslide

Interesting...so someone with $19,999 in sales has to report nothing to the IRS?

You still have to report it, Paypal is just not obligated to provide a 1099 form for it.

[pencil1974]

Yeah I did mine already at the beginning of the year and just added all the incoming payments (friends & family too) and sent it off to my accountant so I get the IRS paid sooner.

[jburl]

Originally Posted by D. Bergin

You still have to report it, Paypal is just not obligated to provide a 1099 form for it.

+1

[Bocabirdman]

Even the "Free" Web Site TaxAct has "Collectables" broken out as a separate tax burden issue...........

[Donscards]

I didn't realize paypal gift would count on your 1099. Makes a big difference.

[slidekellyslide]

Originally Posted by D. Bergin

You still have to report it, Paypal is just not obligated to provide a 1099 form for it.

It would seem that the 1099 from Paypal is automated so why wouldn't they provide this to all of their users on their website?

[pokerplyr80]

Now if only I could get a deduction if I spend 20k on baseball cards for the year.

[savedfrommyspokes]

Originally Posted by D. Bergin

I received an e-mail from Paypal that the numbers were off on the first statement they put out for whatever reason, and they were working on getting the correct paperwork done and sent out.

I received the same message

[greenmonster66]

I was able to log into my PayPal account under Tax documents and print up my 1099-k for 2014.

[The Nasty Nati]

So you don't have to report it to the IRS if it's under $20,000?

For the first time ever, I sold a few things on ebay last year so I'm new to this. My total sales from 2014 was under $900 so I assume I'm in the clear right?

[D. Bergin]

Originally Posted by The Nasty Nati

So you don't have to report it to the IRS if it's under $20,000?

For the first time ever, I sold a few things on ebay last year so I'm new to this. My total sales from 2014 was under $900 so I assume I'm in the clear right?

You have to report it.....it's just Paypal that doesn't.

[glchen]

BTW, I was looking online, and it looks like the deadline for Paypal to issue the 1099-MISC forms is Feb 15th: Link. Therefore, so when you look online for your tax documents, if the 2014 year is not in the drop down list box, then Paypal is still processing your documents. If the 2014 box is there, but it says that there are no tax documents, then Paypal will not issue you an 1099 since you didn't meet the 20K / 200 transaction threshold.