6 Nov
2003
6 Nov
'03
9:12 a.m.
2) Hypothetically, say I sell an item on Ebay for...
oh... $2500.00. The guy
could pay me via paypal, or he could send me a cashiers check. Does Paypal
report transactions to the IRS? Or more importantly, if I sell items on ebay
all year... do I have to track all that and report to IRS? Never really
thought of it cause it probably isn't much money anyways. But I am curious
if ebay and/or paypal reports to the IRS.
Yes, the IRS knows about Ebay and Paypal, and can get to *all* of the
transaction information if they wanted to. I would not worry about
anything even up to $2500. The IRS is short too mant agents, although
they can use Ebay/Paypal as ammo in an audit.
An actually, if it is *your* personal property (not real estate) and you
sell, it is not taxed anyway.
William Donzelli
aw288(a)osfn.org