Pay Pal Question

[Pell Mell]

When people sell stuff on the internet and use Pay Pal to collect does Pay Pal report these transactions to the IRS or anyone else?

[horses4courses]

When people sell stuff on the internet and use Pay Pal to collect does Pay Pal report these transactions to the IRS or anyone else?

I am sure that there is a $ threshold, whereby they have to file your activities with the IRS....likely comes under Title 31 regs.
You will have to check with PayPal, I would think.

[horses4courses]

I am sure that there is a $ threshold, whereby they have to file your activities with the IRS....likely comes under Title 31 regs.
You will have to check with PayPal, I would think.

I should have said something similar to Title 31, which pertains to casinos.

The IRS, and the Fed's FINCENS, have had safeguards in place for years now in an attempt to detect money laundering. PayPal has to be under the same type of regulating.

[chickenhead]

Pay Pal is eventually going to dump your money back into your bank account, thats how you get it out...and I think your bank would pick up any reporting activities, just like you're making any other deposit, at the $10K threshold or whatever it is.

But I'd ask paypal, I'm sure they have a forum.

[bigmack]

They'll start in '11


http://i165.photobucket.com/albums/u70/macktime/4_11_10_15_33_48.png
http://www.auctionbytes.com/cab/abu/y210/m03/abu0258/s03

[Robert Goren]

Then there is the Suspicious Activity Report which kicks in at $5k.