Paypal users beware! Here comes Uncle Sam!

"Buried deep in the Housing Assistance Act of 2008". Yet another sneaky underhanded thing Mr. "Change" threw in away from the public eye. :roll:

I wonder how Paypal is going to seperate out monies received for acutal sales and money sent for other reasons?

My mother and me use Paypal a lot. I do all her shopping so she sends me money to my PayPal account for her groceries, prescriptions, etc.

I am sure we do close to 200 transactions a year.

while I don't disagree with the 20k if your doing 20k a year, you should be filed as a business anyway. Or at last Dba.

As to the 200 transactions.. yeah how is paypal going to distinguish those? I use paypal alot for my side business but I don't make nearly 20k? And I already report what I do make over 500 to my state taxes as required.

It is a combination of both the 200 tranactions and a net annually of 20K

Oh okay then we are kewl..whew

"Mr Change" LMAO and there are probably more surprises to come!!!!!!!!!!!!!

I will have to read it later, yet another page blocked by my employer.