I’m moving from eBay to Bonanza. When I was selling on eBay, PayPal would report to the IRS if I had $20,000.00 or more in sales at the end of the year.
I have two [URL removed] 1) Does PayPal do the same with sellers on Bonanza (report $20,000.00 or more in sales to the IRS at the end of the year)?
2) In my case, would PayPal add my eBay sales AND Bonanza sales together at the end of the year and, if the two sites combined total $20,000.00 or more, would PayPal report that to the IRS?
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NoCloudySkies Reputation: 12 See NoCloudySkies' booth |
Even without them reporting, it would be very wise to file for your taxes. I rarely owe anything on my business income after deductions, but if they ever ask “Where were these transfers to your bank from?” I have my tax returns accurate.
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gravityvideo Reputation: 88 See gravityvideo's booth |
It is a requirement for PP/stripe/AmPay or any other payment processor to report $20,000 and 200 sales does not matter where you sell (and if your total sales through PP are greater than $20,000 and 200 sales then yes you will get the 1099. It is cumulative of all sites/sales).
Bonanza has no control over that
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TrinketBox Reputation: 3805 See TrinketBox's booth |
So, TrinketBox, I think you are saying that PayPal WILL report both my sales from eBay AND my sales from Bonanza if TOGETHER they total $20,000.00 or more at the end of this year, right? If so, I might as well stay with eBay, shouldn’t I?
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NoCloudySkies Reputation: 12 See NoCloudySkies' booth |
2 Comments
Not knowing for sure (Never ever even probably got beyond 1K sales per year EVER) but I would think Paypal puts sales all together in a year no matter where you sell. That would be the Logical thing (but what do I know as Logic is out the window in today’s crazy PC society now).
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Atomicdiner Reputation: 1902 See Atomicdiner's booth |
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