$50MM/250K Sales Recorded!

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29monkeys
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Tue Jun 12, 2012 3:03 am

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relentlesskevin
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Tue Jun 12, 2012 8:11 am

tomdon wrote:You don't have to report on taxes 'til you flip 200 items or 20,000 dollars on EBay. Now you know.

http://reviews.ebay.com/2012-IRS-TAX-LI ... 0131804104
Paypal will be automatically submitting statements to the IRS, so it is your responsibility to declare the income at the end of the year. I also heard that they will be submitting statements over $5k or more... not sure if you need to declare anything under $20k... yet...
But i wonder how much Paypal submits as revenue for the millions they make in interest off of everyone's cash that in their account and the money they have on hold for transactions.
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acidburn
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Wed Jun 13, 2012 10:13 am

tomdon wrote:You don't have to report on taxes 'til you flip 200 items or 20,000 dollars on EBay. Now you know.

http://reviews.ebay.com/2012-IRS-TAX-LI ... 0131804104
yea i got hit with the paypal tax return last year. Included my website sales and ebay sales...pretty nuts to see it for the first time since using Paypal in 2000.
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Wawaad
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Thu Jun 14, 2012 2:01 pm

acidburn wrote:
tomdon wrote:You don't have to report on taxes 'til you flip 200 items or 20,000 dollars on EBay. Now you know.

http://reviews.ebay.com/2012-IRS-TAX-LI ... 0131804104
yea i got hit with the paypal tax return last year. Included my website sales and ebay sales...pretty nuts to see it for the first time since using Paypal in 2000.
I have a question about this if any one can help,

if I switch payments to my partners's paypal account before I hit the 20,000 mark. will i still get taxed? or will I have to creat a new ebay account for him altogether to avoid the tax?
as in, is ebay the one reporting on its sales or more of paypal is the one reporting?
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Yamar
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Thu Jun 14, 2012 2:09 pm

eBay and paypal are the same company (or more accurately, Paypal is owned by eBay). Some segments of their businesses are separate, but on this I think they're working together.

I think the "issue" for you might be that if you're married, the two will be combined on your tax return(s). If you're really considering this, I'd search out an accountant who might know the "real" answer for you...
Tra la la la la...
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jimmybobo1
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Thu Jun 14, 2012 2:14 pm

Unless they file seperate I would assume.
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cberk533
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Sat Jun 16, 2012 10:37 pm

That is amazing! Shows just how cool EB is thanks to everyone that works on EB for providing an incredible forum to chat, trade and sell.
MEARONE227
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Thu Jan 31, 2013 2:44 pm

rock on, congrats...
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lsmith55
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Thu Jan 31, 2013 10:49 pm

Pretty cool EB! :clap: :notworthy:
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seeker1115
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Fri Feb 01, 2013 4:29 pm

Guys, this news is from 2009. It's over three years old.
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lsmith55
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Sat Feb 02, 2013 12:29 am

Then we need an updated total! :shock:
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dougr
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Sat Feb 02, 2013 1:53 am

lsmith55 wrote:Then we need an updated total! :shock:
2013 should bring some more milestones ;)
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But-we-unleashed-a-lion
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Sat Feb 02, 2013 9:24 am

dougr wrote:
lsmith55 wrote:Then we need an updated total! :shock:
2013 should bring some more milestones ;)
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Downlow2step
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Sat Feb 02, 2013 9:24 pm

That's some money !!
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WalterSobchak
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Thu Feb 07, 2013 2:30 pm

jamesgunter wrote:one time i accidentally reported (by mistake) more in gambling losses than total income for the year, ...no one noticed
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