How much $ did you receive in Paypal for 2005?

[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?

 

[jlee]

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..

 

[Skunkwourk]

less than 1000, I didn't know I had to report that...

 

[SirChadwick]

I use paypal for hobby purposes mainly.... and the IRS says to report ALL income, whether you profit or not/ business or not.

 

[JS80]

LLC FTL

 

[jlee]

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.

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!

 

[Syrch]

well i didn't get any..so i put less than $1000

 

[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?

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

You suck badly at the pollage.

 

[alien42]

you need a 'i dont use paypal' option

 

[jlee]

Originally posted by: alien42
you need a 'i dont use paypal' option

Technically...if you don't use Paypal, you must have received less than $1000...and would qualify for option #1.

 

[SirChadwick]

If you don't use paypal, then don't bother to click the thread.

 

[DaWhim]

how's selling stuffs you've already paid taxes reporting to IRS again?

 

[SirChadwick]

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?

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

You suck badly at the pollage.

You suck the pole

 

[SirChadwick]

Originally posted by: DaWhim
how's selling stuffs you've already paid taxes reporting to IRS again?

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.

 

[Xyclone]

I recieved like <$100.

The money sent out, on the other hand, is a complete different story.

 

[Omegachi]

$23.00

 

[SirChadwick]

Looks like most of you don't do a whole lot of paypal transactions.... at least selling computer parts.

 

[BD2003]

It aint income if you didnt make a profit.

 

[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.

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

 

[amdskip]

I just checked and I would say 1k, not reporting that to the IRS.

 

[SirChadwick]

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.

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

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.

 

[SirChadwick]

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?