PayPal Community

I see... I know you guys arent CPA's .... but if we made 20k and had about 9-10K on expenses.. it'd be 10k as 'net profit' .... but if I already did my tax return (but havent filed) and for my job I made 40K and did a straight line deduction ... I only get back $42 ... so would that be 10K extra income on top of that 40k?    I'm just confused haha ... View more

Yeah it may be best that I just let her handle it... I have a crazy amount of statements and CC stuff I can show her.     My thing is - these were PERSONAL payments, paypal says that they wont/cant report that to teh IRs heh. ... View more

You have no 2011 tax documents.   I dont have any tax documents.  I really dont want to run this as a business either, I'm more of a social club leader.  I talk to my aunt who is a CPA and she says she thinks I should report it.  I'm just wondering if this is really by law that I have to if its DONATIONS (note I'm not trying to make a profit, but did and im not selling any service or items, tangible or not) ... View more

So... I havent received a 1099K either... I get only gift payments for upkeeping a server and upgrading our servers/host.  I was gift donated about 19.5k in donations last year.  We didn't meet 20k total.  I have a 8-5 job that I make income on and have not touched any of the money my community has gifted.   Am I required to markthis as income on my tax return? ... View more

Thanks for the info that you've provided.   I'll be a little more clear if it helps any.   These donations were sent from 2011 to 2012 .. it is around 19K (less than 20K) - though im not sure if that includes the paypal fees or not. There was about 7-9K worth of hardware upgrades, bills, etc we paid for the server we run. This year alone for 2012 - there's been about 6K donations.  For lack of a better word, despite us not selling anything or providing a service, the donations are just rolling in.     I was told that I can claim at least 13K in donations for just me and only have to pay taxes on 6K USD of it.   ... View more

Well - that's no good.  Is there any place where I can read up more about this? I appreciate any help you're able to give 🙂   Most any tax person I talk to don't have a clue since its done online... ... View more

What about donations?  I'm really in need here 😞 ... View more

I manage an online community, we do not sell any services or items (of any kind)  the donations we receive are strictly for maintaining a single server and ensuring that it is up to date and the bills are paid for (hosting costs/hardware upgrades We strictly only take in donations.    I have not created a business and do this as a hobby on the side.   However, last year I think we managed to pull in around 19K in over 300-400 donations.  Do I still have to claim this amount? I have not entered my TIN/Tax ID because I feel that since I still have all this money in my account it's not something I personally want to be taxed on.   Do I even need to report this income to the IRS? How do I report it?     ... View more

Would really love an answer to my question if any paypal peeps are reading =/ ... View more

I manage an online community, we do not sell any services or items (of any kind)  the donations we receive are strictly for maintaining a single server and ensuring that it is up to date and the bills are paid for (hosting costs/hardware upgrades We strictly only take in donations.    I have not created a business and do this as a hobby on the side.   However, last year I think we managed to pull in around 19K in over 300-400 donations.  Do I still have to claim this amount? I have not entered my TIN/Tax ID because I feel that since I still have all this money in my account it's not something I personally want to be taxed on.   Any help would be greatly appreciated. ... View more