Anybody use Paypal ?

   / Anybody use Paypal ? #81  
Welcome to Big Brother! :mad:

As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service.

The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March 2021.

Venmo, PayPal and Zelle must report $600+ in transactions to IRS
 
   / Anybody use Paypal ? #82  
I too, have been using PayPal for twenty years. I didn't know they sent out paper statements, either.
 
   / Anybody use Paypal ? #83  
Some years ago PayPal was forced to divulge sales data to the Canadian tax people.
I know of one guy that took a hit over that.

I was really nervous at that time as I was producing a very popular item and had sold, for my sister, a very pricey ($5K) collectable item. My produced item did however totaled less than the targeted limit.

However I did dodge that bullet, how I really don't know.
Perhaps it was due to the fact that the pricey item had been described as an inherited family heirloom sold on behalf of my sibling.
 
   / Anybody use Paypal ? #84  
Welcome to Big Brother! :mad:

As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service.

The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March 2021.

Venmo, PayPal and Zelle must report $600+ in transactions to IRS
I don’t care. I’m not doing any illegal transactions. Feds don’t give a crap about our buying legal merchandise.
 
   / Anybody use Paypal ?
  • Thread Starter
#85  
I too, have been using PayPal for twenty years. I didn't know they sent out paper statements, either.
I screwed up on my first post that paypal was the problem.It is the paypal credit card that has stopped sending mailed statements. Sorry for the confusion.
 
Last edited:
   / Anybody use Paypal ? #87  
I screwed up on my first post that paypal was the problem.It is the paypal credit card that has stopped sending mailed statements. Sorry for the confusion.
No problem. I don't have a PayPal credit card.😁
 
   / Anybody use Paypal ? #88  
I switched to estatements a year ago and still get mailed paper statements plus estatements. If you want to get paper statements all you have to do is go to your account and click on YES, MAIL PAPER STATEMENTS.
It is optional so choose which you want. END OF DEBATE!
PayPal estatement cancellation.jpg
PayPal statement.jpg
 

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