mr.thrifty
Super Freak
Looks like money orders will be making a big comeback!
That and Properly used "gifts"....
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Looks like money orders will be making a big comeback!
About How much taxes would he paying on the $24,000 income?
Too much.
Very stupid question, I'm sure: for the 200 transactions, does that only count incoming money, not money being paid?
Obviously, you wouldn't be taxed on money you paid, but say you had 50 payments incoming, and 200 payments outgoing...
So you have to have received 20k AND 200 payments? Or is it one or the other? I think that's what galactiboy is saying. Just want to confirm?
Another stupid question but if I have not heard from paypal as of yet does that mean I am clear for the 1099? I added up all my transactions to being 183 and a few grand under 20k in sales...which is no where near profit dollars. I sound like another bafoon but I have heard nothing about this up till just right now. Glad I decided to take a small break on my ebay sales toward the end of the year.
200 transactions alone is a trigger. I am absolutely certain that I received no more than $5,000 last year, but still had them requested my SSN.
All 1099's are due out by January 31st so you are most likely ok. You can also check the history link on your Paypal account where you will see another link for tax documents. Mine said "you have no 2011 tax documents".
All 1099's are due out by January 31st so you are most likely ok. You can also check the history link on your Paypal account where you will see another link for tax documents. Mine said "you have no 2011 tax documents".
Does this affect Canadians?
Do you pay US income taxes?
Do you pay US income taxes?
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