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  #1  
Old 08-15-2011, 01:54 PM
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Chr!$ "Bubba" L@mb
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Where on my paypal account does it show how much in sales I have done so far this year?

Does your "income" get reported to the IRS if you exceed 200 transactions, but not $20K?

Last edited by peterose4hof; 08-15-2011 at 01:58 PM.
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  #2  
Old 08-15-2011, 03:15 PM
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Robert Williams
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PayPal does a good job of hiding the info, as does Ebay. My main beef is that if they want us to be compliant, at least show is our YEAR TO DATE transactions, so we can shut things down if we want to!!!!!
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Old 08-15-2011, 04:00 PM
xdrx xdrx is offline
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Quote:
Originally Posted by bobbyw8469 View Post
PayPal does a good job of hiding the info, as does Ebay. My main beef is that if they want us to be compliant, at least show is our YEAR TO DATE transactions, so we can shut things down if we want to!!!!!
I emailed PayPal asking where I could find this info or if they could provide it. What I received back were instructions on how to download all of my transactions in to a spreadsheet so I can total it up myself. Ridiculous lack of service.

Maybe I'll just buy an old ledger and keep a running tally...
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  #4  
Old 08-15-2011, 05:20 PM
Shoeless Moe Shoeless Moe is offline
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Default For bigger ticket items....

offer the buyer/winner a slight discount if they pay via Paypal gift. It'll save u ebay & paypal fees. Or to buy it here on the B/S/T, that way their is public record of it to make the buyer feel more trusting.
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  #5  
Old 08-15-2011, 06:54 PM
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Jeffrey Lichtman
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Bill, can I make a suggestion? Call an accountant and don't discuss this on a public board. Rumor has it that law enforcement tend to peruse these boards. And as for what Greg said, I agree. I've been audited numerous times, once for sales of baseball cards. It was a tremendous pain in the ass.
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Old 08-15-2011, 07:04 PM
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Jeff G@rf!nkel
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Quote:
Originally Posted by peterose4hof View Post
Where on my paypal account does it show how much in sales I have done so far this year?

Does your "income" get reported to the IRS if you exceed 200 transactions, but not $20K?
No, you must meet both requirements.

Jeff
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Old 08-15-2011, 07:19 PM
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an earlier poster mentioned using a schedule C, which is for a business. but what if you're buying/selling as a hobby -- could it then be considered as investments, in which case it'd be subject to capital gains rather than business income?
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Old 08-15-2011, 07:42 PM
Kenny Cole Kenny Cole is offline
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I don't sell on eBay, but I wonder why anyone who does would ever respond at all to this thread. Talk about a potential shipwreck . . . At least with respect to this issue, I would think the rule on a chatboard allegedly monitored by the FBI would be STFU.
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Old 08-15-2011, 09:21 PM
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Jeffrey Lichtman
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Gee. You think?
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Old 08-15-2011, 09:53 PM
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Scott
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Quote:
Originally Posted by shaunsteig View Post
an earlier poster mentioned using a schedule C, which is for a business. but what if you're buying/selling as a hobby -- could it then be considered as investments, in which case it'd be subject to capital gains rather than business income?
As I stated earlier, yes it could be. I mentioned all this in my post, plus will reply to a PM from the original poster w more advice.

Investments and Hobbies are also treated differently. Here is a link to an IRS article, describing Business and HObby Income and losses. Far as "investment", think of buying a rare card as an investment, then selling it, Its more of a "random transaction", and would be more likey a capital transaction, than doing this regularly, w hich would qualify as a business if the intention is to make a profit, or a "hobby" if you are just fooling around, or show consistent losses.

http://www.irs.gov/newsroom/article/...169490,00.html

Last edited by GrayGhost; 08-15-2011 at 09:58 PM. Reason: add to desc
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  #11  
Old 08-15-2011, 10:01 PM
Kenny Cole Kenny Cole is offline
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Now Jeff, be nice. I was trying to be . . . .
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