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Wednesday, July 30, 2008

Online Sellers and PayPal Change!

The IRS is going to have PayPal start reporting a 1099. In other words, the IRS is going to know how much money you have earned off eBay real soon. In the past, the IRS had no easy way of knowing which led to people selling online forgetting to include it in their taxes. Since my PayPal for my Learning Chinese Educational Products goes through my shopping cart, it's counted.

When my wife was selling on eBay girl's dresses a while ago, it was pretty hard to get the data needed for our taxes out of eBay and PayPal. If you do less than $10,000 gross or two hundred transactions you are exempt.

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