[Cichard]

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~

first off I am not Hijacking your thread i was agreeing with you, but you left out the part of the 200 transactions, so i added that. You need to tone it down a notch. and what you quoted from Paypal is exactly what i said. 20k+200 transactions.

I doubt this is a "thank you" thread, its more a "look how much money i made" thread "look at me" thread. Just like you use to do in teh skype chan before everyone got tired of it.

I'm sure the devs are happy the bot is working well for you, I'm sure you are happy at how much money you made, there are better ways to show your appreciation to the devs with out posting $ amounts, you want to inflate your ego by getting people to OOO AAAAAHHH about how much money you made last year.

I try and make a simple statement about the US rules for paypal, which the tax rules for paypal are different for different countries, and you blow it way out of proportion just to cause drama.