PayPal IRS Statements

[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.

[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.