New IRS Rule for 2012??

[Susan]

Wonder if any of you have heard this yet....my sister called Paypal about the IRS rules for this year and they told her that starting next year (2012) the new rule will be not over 200 transactions AND the dollar amount will go away. This means you can only sell up to 200 transactions and then anything after that will be reported? That will be a total game changer for a lot of us if that is true. Might have been a scare tactic by Paypal because I haven't heard anything about that. Thoughts?

[GreenBean]

Please do not take this the wrong way.

You are passing on to us 2nd hand info. If you said I spoke to paypal. This is what I got told, i would say let's discuss.

Not going to run 2nd hand info that is glaringly inaccruate.

Our info is different. I'll add a couple of threads that will set your mind at rest.

Be assured it has been discussed for many many months.

[GreenBean]

following is info of interest. Full definition from paypal itself.

https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

Threads from forum: please note 1st thread announced the fact to the forum.

http://www.aspkin.com/forums/paypal-...-usa-only.html

From that it was determined that users would be able to deal with the matter of taxes by undertaking certain steps. That too is addressed.

http://www.aspkin.com/forums/paypal-...000-limit.html

http://www.aspkin.com/forums/paypal-...ts-tax-id.html

http://www.aspkin.com/forums/paypal-...-go-legit.html
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Simply speaking, sellers should see tax professionals.
Earn money, pay tax. Simples:D