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Have Tax Information questions? Post here!

Member

IRS questions

I would appreciate a reply to this post, thanks:

 

Jan-02-201207:24 AM

 

1. when will PayPal report to the IRS?

2. when and how [online, email, snailmail etc]  will PayPal provide us with a 1099 so it may be filed with our taxes?

Thank you kindly, Sonny

do we have to report income to the irs

 

so if i have 200 tran

 
New Community Member

Gross Payment Total

The answer may be obvious, but I'm not finding it. How do I find my gross payment total for YTD 2011...in other words, PayPal's running total of all goods & services payments that they will report to the IRS? I've been keeping my own running total, and yes, I could add up all the payments in my account history, but I'd like to know PayPal's official total so I can be safe. Thank you!

Member

Re: Gross Payment Total

I would like this info as well. Thank you!!!  anyone know the answer???

New Community Member

Re: Gross Payment Total

Hi there,

May be can open several paypal accounts and  Never cross the grosss payment total in each account.

Highlighted
Contributor

Re: Gross Payment Total

These things should be easy but they aren't for some reason.  Paypal should make it easier for people in business to use then maybe they would get more people using it.  Ive spent over an hr trying to find out my total for fees paid in 2010 so I can tell the tax department and claim it as a business cost.

 

I found a post where many others where asking the same thing.

 

  This should be a simple

 

I'm about to give up and go to bed.

tko New Community Member
New Community Member

Re: Gross Payment Total

I've been searching and haven't found a good method of determining this either.  I downloaded my payment history and sorted by amount to eliminate the payments to me, but this doesn't filter out the personal (non-purchase-related) payments that I received.

 

It would be nice if paypal had a spot where you could just see "You have received x transactions for a total of $x.xx in 2011 from purchases".  If not, I would settle for knowing how I can generate a report to determine this myself.  I want to make absolutely sure my numbers match whatever the IRS receives if I cross the threshold.

 

An answer from a PayPal staff member/mod would be greatly appreciated!  Thanks!

New Community Member

Re: Gross Payment Total

Agreed.

 

How will I know if IRC Section 6050W affects me?

PayPal will track the payment volume of your account(s) to check whether your payment volume goes above both of these levels in a calendar year:

  •   $20,000 USD in gross payment volume from sales of goods or services in a single year
  •   200 payments for goods or services in the same year

 

Since Paypal is tracking this, why isn't there an option to see where you are at?

Member

Re: Gross Payment Total

What about those of us who aren't US citizens, and therefore don't ave a tax ID?