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    PayPal and taxes

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    Old 03-17-2011, 05:29 AM
      #21  
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    Originally Posted by susie0808
    It's very similar with the banks but different. Lets say you decided to buy a long arm machine that cost $7,000.00 . You want to pay cash for it. So you go to the bank and with draw the money. The tellers will ask you what the money is for.I think it's none of their business. But they say it's the IRS that will want to know when their books get audited. Anything over 5,000.00 you have to tell them.
    I work for a Credit Union and this statement is untrue. You do not HAVE to tell them anything-it is your money you have the right to say "It is none of your business"....
    Hugs
    April
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    Old 03-17-2011, 06:24 AM
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    Originally Posted by Momof3Es
    That would be totally rotten!! Why can't these people just let it be!!?? If all of the huge beauacrats sp? would take a pay cut and live like normal human beings things would maybe be better!

    Sorry I will get off my soap box now. Sorry I lost control! I will be good now promise!! Thanks
    Boy I agree 100% with you.
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    Old 03-17-2011, 08:02 AM
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    You're allowed to "gift" up to $10,000 per year to any one person. You can gift as many $10,000 gifts to as many people as you want (or can afford).

    Therefore, sending a couple of thousand a year to someone in small increments, each of which is tagged as "gift" will not trigger any tax consequences on your or them.

    What they're wanting to do is catch people who make thousands and thousands through ebay and paypal.
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    Old 03-17-2011, 08:04 AM
      #24  
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    Originally Posted by LovingIzabella
    Originally Posted by susie0808
    It's very similar with the banks but different. Lets say you decided to buy a long arm machine that cost $7,000.00 . You want to pay cash for it. So you go to the bank and with draw the money. The tellers will ask you what the money is for.I think it's none of their business. But they say it's the IRS that will want to know when their books get audited. Anything over 5,000.00 you have to tell them.
    I work for a Credit Union and this statement is untrue. You do not HAVE to tell them anything-it is your money you have the right to say "It is none of your business"....
    Hugs
    April
    It's my understanding that the banks have to ask if the "deposit" is more than $10,000. If you take money out of your account it's nobody's business but yours. Tell the teller to butt out and/or tell them you have booked a week at the pleasure palace in Nevada that supplies male prostitutes to women with money.
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    Old 03-17-2011, 08:07 AM
      #25  
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    Originally Posted by catmcclure
    Originally Posted by LovingIzabella
    Originally Posted by susie0808
    It's very similar with the banks but different. Lets say you decided to buy a long arm machine that cost $7,000.00 . You want to pay cash for it. So you go to the bank and with draw the money. The tellers will ask you what the money is for.I think it's none of their business. But they say it's the IRS that will want to know when their books get audited. Anything over 5,000.00 you have to tell them.
    I work for a Credit Union and this statement is untrue. You do not HAVE to tell them anything-it is your money you have the right to say "It is none of your business"....
    Hugs
    April
    It's my understanding that the banks have to ask if the "deposit" is more than $10,000. If you take money out of your account it's nobody's business but yours. Tell the teller to butt out and/or tell them you have booked a week at the pleasure palace in Nevada that supplies male prostitutes to women with money.
    GREAT answer :mrgreen: :mrgreen: :mrgreen:
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    Old 03-17-2011, 09:59 AM
      #26  
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    In some cases banks may ask about a large withdrawal if you appear to be an elderly person who maybe is getting scammed.
    I know, elderly is in the eye of the beholder. However, if it is your granny you may be glad that the bank takes an interest when there is a con man targeting her.
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    Old 03-17-2011, 10:10 AM
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    ok so here is my question if i have purchased the item from somewhere i have paid tax on it right so how can they tax me when i sell it? wouldnt that be double tax?
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    Old 03-17-2011, 10:14 AM
      #28  
    np3
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    Originally Posted by angieh1964
    ok so here is my question if i have purchased the item from somewhere i have paid tax on it right so how can they tax me when i sell it? wouldnt that be double tax?
    Buying is sales tax, selling creates income and therefore income tax. Two different taxes. The real question...is it income or reimbursement of original expense?
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    Old 03-17-2011, 10:19 AM
      #29  
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    Originally Posted by Mitch's mom
    Thieves.
    Yes, people that cheat on their taxes and do everything they can to get out of paying taxes are thieves. They're thieving from you. If everybody was honest and just paid their share then everybody's tax burden would be a little lower.
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    Old 03-17-2011, 04:30 PM
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    Mother always said there was never a dumb question - but, this may be one. I'm thinking of selling on e-bay and/or etsy. Do you need a tax ID to do this?
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