IRS tax question

[Ricky316]

If the total amount is less than 20k but the no of goods/service order reaches more than 200, will Paypal sends the tax doc to IRS? Could one of you please answer this question, It will help to understand how this works.

[Anonymous_User]

You have to meet both requirements -

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

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

If you're just sending or receiving via Friends and Family or shopping online, etc., then you really don't have anything to be concerned about.

[Ricky316]

So PayPal dont care if 200 goods/service is reached, it should meet both criteria, 20k and 200 transaction..