Does paypal report to the IRS?

NickPapageorgio · 01-28-2005

Well....do they?

h34r:

pushpills · 01-28-2005

let's hope not

*KK* · 01-28-2005

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 · 01-29-2005

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

Nickatilynx · 01-29-2005

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 · 01-29-2005

Quote:

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

Why would PayPall send out a '99 when they don't pay interest?

Pornwolf · 01-30-2005

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 · 01-30-2005

Quote:

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!

01-28-2005	#1
NickPapageorgio Members Join Date: Jul 2004 Posts: 843	Well....do they? h34r: __________________ www.lotzadollars.com

01-28-2005	#2
pushpills ¯¯¯¯¯¯¯¯¯¯¯ The global leader in pay-per-view AEBN Join Date: Jan 2004 Location: chicago Posts: 3,460	let's hope not __________________ ...Almighty Content - Free feeds for your members area!... The internet is a great way to get on the net. -Bob Dole ...Remote Thumbs - Make your TGP work for you!...

01-29-2005	#4
cd34 I'm the guy that pokes anthills with sticks Join Date: Jan 2005 Location: West Palm Beach, FL USA Posts: 31	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 __________________ This is my sig. There are many others like it but this one is mine

01-28-2005	#3
KK Members Respin bullshit press Your Comments Are Welcomed Join Date: Nov 2002 Posts: 2,581	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.

01-29-2005	#5
Nickatilynx Banned Want to see your own Advertising Here! Join Date: Oct 2002 Location: Vancouver Canada Posts: 15,115	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.

01-30-2005	#7
Pornwolf Members Join Date: Jan 2003 Posts: 165	A lot of people are in trouble if they do. I think they can take down hundreds of Ebay'ers alone on tax charges.