NEW 2011 IRS PAYPAL LAW, 200 TRANSACTIONS HELP

[Dynamite_Deals]

HI,

I am just wondering what they mean by each transaction, does this includes all bank transfers? Personal payments? ATM withdrawalS, ETC. . . .? Or only counts towards the 200 transactions for only money received for an sale and a fee have been deducted, for instance a sale through eBay?  I transfer funds into my bank account weekly sometimes twice a week.  I just want to make sure if these count towards the transaction count or not.  Also same for the ATM withdrawal does it count towards the 200 limit as well?

Thanks!

[timmytoogood]

Regarding where this law came from - I believe it was part of Bush's Housing and Economic Recovery Act of 2008.

[wackedout]

The Government does not care about that! They want everyone to pay, please read my post below so we can STOP the madness!

[Windyman55]

This is about INCOME tax. Not sales tax.

[Windyman55]

Lets get real... A dress worth $20,000. If you have that many family hierlooms that are going to net you 200 transactiona and $20,000 in the bank then you've already got tax attorn

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@MissThings wrote:

What about the VAST majority of people on eBay that sell older family items?? These were in many cases paid for many years ago- and now are worth a fraction of what was paid? Can we deduct the losses then? That is not primarily a business where people buy inventory and sell at a profit- what about those looking to recoup just a little extra money from unwanted stuff from our garages and closets?

This is all so stupid. How could most of possibly find a cost-basis for anything we sold that has been owned by us for so long? Who on earth keeps a receipt for a sweater or a cocktail table from 20 years ago- just to make a common point?

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eys. LOL

[Sunlei]

 It's not a "New Tax " you're always supposed to be paying income tax on your business profits.

[Netwriter]

Thank you!!!  Many people who sell online have been engaging in tax evasion.  They have been making money selling goods and services and not paying taxes.  So for these people, it is a new tax.  The tax that they should have been paying and didn't because there were no mandatory reporting mechanisms in place.

I'll stop here.  This is not the place for what really is on my mind.

[bensonarle]

I think that the sellers who sell new items like a store should be taxed. People that sell preowned,used items are just using the internet to reach more people than a garage sale,flea market or Craigs list.

[OnlineVet]

I agree.  I haven't had a tax return in years.  I pay quarterly.  Most people conducting business and making a profit, whether it's Paypal, Google Checkout or any other processor should be doing the same.  It was only a matter of time.

[AUSTINDEVIN]

i thought you do not have to pay sales tax in the state of indiana if you ship all items out of state.which most of my items are shipped out of state.

[suspect2007]

Why do right wing wacko's have to make everything a political issue.  What taxes have been raised?  Don't just chant the mantra, use your mind.  I'm not a Dem or a Rep.  I'm just part of the 80% of this country sick of the left and the right tossing garbage at each other.  You're getting the rest of us dirty.  I came to this forum to find out about the new IRS law, not to find out what your poorly thought out political opinion is.  Thanks so much!