Does paypal report to the IRS?

[NickPapageorgio]

Well....do they? :ph34r:

[pushpills]

let's hope not :awinky:

[*KK*]

Whether they do or not, it's up to you to report your income accurately and it's also your obligation to take advantage of every tax break offered.

[cd34]

They file a 1099-INT which is supposed to report the interest earned. It is optional for them to report the closing balance on Dec 31 -- I believe the electronic statement I saw from them stated that they would not be sending the closing balance at COB Dec 31.

https://www.paypal.com/us/cgi-bin/webscr?cm...swer_id=6483804 (https://www.paypal.com/us/cgi-bin/webscr?cmd=_help&leafid=389943&answer_id=6483804)

[Nickatilynx]

I'm am currently fighting my latest tax assessment for $3.45million , corporately , and trying to have them refund me around 270k personally.

Invest in REAL good tax lawyers BEFORE you end up in my situation is my tip.

:)

[Dravyk]

Originally posted by cd34@Jan 29 2005, 01:00 AM
They file a 1099-INT which is supposed to report the interest earned. It is optional for them to report the closing balance on Dec 31 -- I believe the electronic statement I saw from them stated that they would not be sending the closing balance at COB Dec 31.

https://www.paypal.com/us/cgi-bin/webscr?cm...swer_id=6483804 (https://www.paypal.com/us/cgi-bin/webscr?cmd=_help&leafid=389943&answer_id=6483804)
Why would PayPall send out a '99 when they don't pay interest?

[Pornwolf]

A lot of people are in trouble if they do. I think they can take down hundreds of Ebay'ers alone on tax charges.

[Almighty Colin]

Originally posted by Nickatilynx@Jan 29 2005, 01:11 AM
Invest in REAL good tax lawyers BEFORE you end up in my situation
REAL good. And you usually get what you pay for.

Before, before, before!