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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600
What a head ache.
First it was add sales tax to everything on line and even at Nebraska swap meets. Now this and pay income tax at 25% to Federal and 7% to Nebraska for me.
Now I'm hearing everything including cash withdraws over $600 from your bank account also gets reported to the IRS.
Now they want eBay, Paypal, and Facebook to report cash transfers by tax id on individual occasional sellers.
Thats a monumental s... load of receipts and record keeping on every purchased and now sold part that never was kept on a lifetime of purchases made up to 50 years ago for me.
Guess you just quit selling anything and a stepped up current value still may be available to your inheriting kids at your estate sale. Who can afford to wade through a tax return each year to itemize all your expenses and gains over a lifetime.
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'66 CST BBW swb fleet 327 fac ac
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