Anybody use Paypal ?

[rekees4300]

Welcome to Big Brother!

As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service.

The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March 2021.

Venmo, PayPal and Zelle must report $600+ in transactions to IRS

 

[stuckmotor]

I too, have been using PayPal for twenty years. I didn't know they sent out paper statements, either.

 

[PILOON]

Some years ago PayPal was forced to divulge sales data to the Canadian tax people.
I know of one guy that took a hit over that.

I was really nervous at that time as I was producing a very popular item and had sold, for my sister, a very pricey ($5K) collectable item. My produced item did however totaled less than the targeted limit.

However I did dodge that bullet, how I really don't know.
Perhaps it was due to the fact that the pricey item had been described as an inherited family heirloom sold on behalf of my sibling.

 

[jyoutz]

Welcome to Big Brother!

As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service.

The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March 2021.

Venmo, PayPal and Zelle must report $600+ in transactions to IRS

I don’t care. I’m not doing any illegal transactions. Feds don’t give a crap about our buying legal merchandise.

 

[locknut]

I too, have been using PayPal for twenty years. I didn't know they sent out paper statements, either.

I screwed up on my first post that paypal was the problem.It is the paypal credit card that has stopped sending mailed statements. Sorry for the confusion.

 

[PILOON]

I don’t care. I’m not doing any illegal transactions. Feds don’t give a crap about our buying legal merchandise.

BUT the IRS does, they want every last cent they can find.

 

[stuckmotor]

I screwed up on my first post that paypal was the problem.It is the paypal credit card that has stopped sending mailed statements. Sorry for the confusion.

No problem. I don't have a PayPal credit card.

 

[tallyho8]

I switched to estatements a year ago and still get mailed paper statements plus estatements. If you want to get paper statements all you have to do is go to your account and click on YES, MAIL PAPER STATEMENTS.
It is optional so choose which you want. END OF DEBATE!

 

[jyoutz]

BUT the IRS does, they want every last cent they can find.

Their budgets were cut and audits are scarce nowadays. Even billionaires can get away with only paying $750.