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How much $ did you receive in Paypal for 2005?

S

SirChadwick

Diamond Member
I received almost $20,000 through paypal payments this year... but I spent right around $25,900 in paypal. Dammit, but on WHAT!!!! Just curious to see where you guys stand w/ paypal and are you reporting all of your funds through paypal to the IRS?

 
Why would I report it to the IRS? I don't use it for business purposes, and I don't see how selling stuff for less than I bought it could be construed as income. 😛

I think I received under 300 bucks..
 
I use paypal for hobby purposes mainly.... and the IRS says to report ALL income, whether you profit or not/ business or not.
 
Originally posted by: SirChadwick
I use paypal for hobby purposes mainly.... and the IRS says to report ALL income, whether you profit or not/ business or not.
Click to expand...

I don't see it as income, since I lost something in the process...could I report the cost of the things I sold as business expenditures? I'd make money! 😀
 
Originally posted by: SirChadwick
I received almost $20,000 through paypal payments this year... but I spent right around $25,900 in paypal. Dammit, but on WHAT!!!! Just curious to see where you guys stand w/ paypal and are you reporting all of your funds through paypal to the IRS?
Click to expand...

8-0-1-0-1-0-0-1

You suck badly at the pollage.
 
Originally posted by: alien42
you need a 'i dont use paypal' option
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Technically...if you don't use Paypal, you must have received less than $1000...and would qualify for option #1. 😛
 
Originally posted by: Syringer
Originally posted by: SirChadwick
I received almost $20,000 through paypal payments this year... but I spent right around $25,900 in paypal. Dammit, but on WHAT!!!! Just curious to see where you guys stand w/ paypal and are you reporting all of your funds through paypal to the IRS?
Click to expand...

8-0-1-0-1-0-0-1

You suck badly at the pollage.
Click to expand...


You suck the pole
 
Originally posted by: DaWhim
how's selling stuffs you've already paid taxes reporting to IRS again?
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Guess it depends on what you're selling and where you bought it. Most don't pay taxes on eBay items unless its in the same state.
 
Originally posted by: SirChadwick
I use paypal for hobby purposes mainly.... and the IRS says to report ALL income, whether you profit or not/ business or not.
Click to expand...

uh, no. that is not true. First off income = profit. I think you are referring to revenue. Please leave the tax issues to experts
 
Originally posted by: CPA
Originally posted by: SirChadwick
I use paypal for hobby purposes mainly.... and the IRS says to report ALL income, whether you profit or not/ business or not.
Click to expand...

uh, no. that is not true. First off income = profit. I think you are referring to revenue. Please leave the tax issues to experts
Click to expand...

LOL, funny that you say this b/c when I was talking to you the other day... I was referring to revenue not profit.

It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit, there is a limit on the deductions you can take.

You must include on your return income from an activity from which you do not expect to make a profit. An example of this type of activity is a hobby or a farm you operate mostly for recreation and pleasure. You cannot use a loss from the activity to offset other income. Activities you do as a hobby, or mainly for sport or recreation, come under this limit. So does an investment activity intended only to produce tax losses for the investors.

The limit on not-for-profit losses applies to individuals, partnerships, estates trusts, and S corporations. For additional information on these entities, refer to business structures. It does not apply to corporations other than S corporations.

 
So do you $50,000+ guys out there plan on claming all of your paypal revenue? Is this basically your fulltime job or do you have another?
 
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