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Ok, this is my very first post on the paypal community site, i didnt even know it existed until a paypal customer service rep told me to check out this great site. I have a question on the IRS tax law, i know this has probably been answered on here 500 times, but i wanted to make sure on this one. I recently received my May sales statement from paypal, the gross sales showed 4600 dollars, but 3000 of that was from personal payments. Will paypal filter out that 3000 dollars somehow at the end of the year so that it doesnt go towards my 20,000 threshold or are they using the same simple monthly sales report that i receive from paypal every month ? there isnt any type of column in the statement that shows whether a sale is from goods and services or personal. Hopefully paypal has some type of more advanced program to look at monthly sales other than the downloadable statement i receive every month , any help on this matter is greatly appreciated, thank you !!!
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toycollector- You are correct that our system will filter out those payments, even if the statement doesn't. The only thing that is reported to the IRS is payments from "Goods" or "Services". Personal payments are excluded. But of course if any one is thinking of getting around that by accepting personal payments for goods or services, we do keep an eye out for that type of behavior and tend to put a stop to it pretty quickly. 🙂 Here's a link to our IRS workshop from back in February for more answers.
Andy
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toycollector- You are correct that our system will filter out those payments, even if the statement doesn't. The only thing that is reported to the IRS is payments from "Goods" or "Services". Personal payments are excluded. But of course if any one is thinking of getting around that by accepting personal payments for goods or services, we do keep an eye out for that type of behavior and tend to put a stop to it pretty quickly. 🙂 Here's a link to our IRS workshop from back in February for more answers.
Andy
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