I am sure this question has been asked a million times... However, I need to know what the IRS laws are, as far as Ebay earnings, Paypal, Reporting and Taxes go. I want to be sure that I am doing the right thing. I understand that I will not get a 1099 as long as any Ebay sales do not reach or exceed the threshold of $20K and the 200 transactions. Howevever, would I still be required by law, to report gross and/or net sales to the IRS, even if Ebay sales do not reach or exceed that threshold? -OR- Is it that I would only be required by law, to report any income via Ebay, IF I sold over 20K and exceeded 200 transactions in one calendar year? Thanks.
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