Quote:
Originally Posted by ModularSpeed
Not sure about personal accounts, but I have been getting 1099 from PayPal since 2004-2005 for "cashback" when using my PayPal card to purchase items.
Gotta be careful, I used to think the $500 - $1000 they gave me didnt mean anything....was I ever wrong. lol
These days, I print the statements....and give them to my accountant.
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You hit the 20000/200 limit inside a year and your personal account now gets reported basically as a business venture.
What bugs me is I used to use Paypal for both personal and business, can't do that anymore. Everytime you "trade" parts on a forum the sale is recorded regardless whether you lost on the trade. Hit that 20000/200 deal and its gonna be fun showing Uncle Sam that you actually don't make 20K extra if you are not incorporated.