1099 Form and End of year taxes confusion.

[Joberg77]

Hello guys,

I know that in 2011 PayPal reported they will be sending the IRS our gross sales if it hits a certain limit.

I need some clairfication

Does it mean they only report it, if our gross sales are over $20,000 AND 200 transactions

Or

Can I have $15,000 in gross sales AND 250 transactions and still be fine?

[Joberg77]

anyone have a answer for me?

Thanks!

[PayPal_Olivia]

Hi Joberg77,

PayPal will report to the IRS if both criteria are met. If you have any questions about your own reporting obligations, a tax professional should be consulted.

To learn more about IRC Section 6050W, read here.

I hope this helps!

- Olivia