Claiming Paypal Funds for Taxes ?

[JMJ]

Ebay has publicly stated they freely share any and all information with Uncle Sam. Since they own Payal I would assume the IRS could have all the access they wish and would guess they take advantage of that access.

As far as claiming it thats a given. Paypal is just like any other payment processor. Retail stores use credit card processors but just because it's not check or cash doesn't mean they get the luxury of not claiming the income.

Make sure you add up all fees payed to paypal for transactions. It's an easy one to forget but it adds up.

 

[SouthernTn]

I

Im not making enough through PayPal for the IRS to give a crap. yet

 

[VisualDigits]

how much is enough? does registering of domains count as expenses if I file my tax return as an individual?

 

[paulc]

Claim part of the electricity, gas, and the rent of the room you work in at home as expenses, you can claim a lot against whet you earn, you just have to delcare everything you earn.

 

[furca]

It's NET profit of $700 right?

 

[ParkQuick.com]

how much is enough? does registering of domains count as expenses if I file my tax return as an individual?

Yes - registration fees are expenses. As an individual in the U.S. you would include income and expenses on Schedule C. Other expenses might include hosting fees, ISP charges, anything related to the business of buying, selling, and monetizing domains.

 

[VisualDigits]

Yes - registration fees are expenses. As an individual in the U.S. you would include income and expenses on Schedule C. Other expenses might include hosting fees, ISP charges, anything related to the business of buying, selling, and monetizing domains.

Damn, I missed it a year ago. It's good to ask I guess.