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<p>[QUOTE=&quot;imrich, post: 873690, member: 22331&quot;]<b>Paypal Reporting To IRS</b></p><p><br /></p><p><br /></p><p><br /></p><p><b>Thanks for the reporting &quot;link&quot;. Information divulged in the forum is vague, but seems to substantiate that Paypal will be reporting internet sales to the IRS. Paypal is not only used on eBay for sales fund transfers, but other internet sites also. I have a very active Paypal account, and tried, </b><b>without success,</b><b> to determine their future reporting plans. I also tried unsuccessfully to download my account transactions for the past year. It appears that although they will provide an annual accounting to the IRS, they will only allow a 3 month download to an account holder. I tried to use the link which allows specified period reporting, but that only resulted in a &quot;time-out&quot;. Has anyone seen an official IRS preposed reporting statement from Paypal. Just another reason to avoid Paypal, as the known IRS policy for taxation, if proof of purchase date, price can&#039;t be provided, is to tax the entire sale as if the item was received free. State taxes are often directly linked to Federal reporting, possibly resulting in a taxation level greater than &gt;40% of net sales.</b></p><p><b></b>[/QUOTE]</p><p><br /></p>

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