(05-07-2015, 12:26 AM)Cichard Wrote: its 20k + 200 transactions of "goods and Services"
if you dont have both then you are fine, if they send the money to you as "friends and family" that is considered a "gift" which doesnt have to be claimed when buying a house.
Mr. Know it all tries to strike again! (Seriously get off my post nitwit) This is a Thank You thread, not an all Hail Jackie thread! There is a reason it's to the developers and not to the poor customer service you provide. Seriously you are getting irritating!!! lol I suggest you do more research! Provide your links as well!
Under the legislation, we'll report to the IRS the total payment volume received by US account holders whose payments exceed both of these levels in a calendar year:
US$20,000 in gross payment volume from sales of goods or services in a single year
200 separate payments for goods or services in the same year
IRC Section 6050W applies to all payment processors, including PayPal. Our goal is to help PayPal sellers understand and comply with the new requirements.
Gifts can be considered services if you are audited and can't provide where 20k has come from. Trust me! I KNOW! It already happened to me lol... obviously Jackie you don't make enough to worry about it lol I dare you to try and claim 20k worth in gifts to an auditor lol
Also if you are purchasing a home you have to provide full tax returns for the last 2 years. And, reported all income. If you are obviously over the 20k mark, yes the under writer will ask for it when you are buying a house!
~Ham Materia sales have been slow, BCIII and Master Demi still been hot cakes though~