Quote Originally Posted by WingedWolfPsion View Post
This isn't news--if you make over a certain amount per year, you need to file taxes. When you file taxes, you must report all income. That hasn't changed at all.
If you fail to report something, and you get audited...boy, will it suck to be you. They WILL find it.
This is news to some since PayPal is off shore and before 2008 no one had to file anything as there was not paper trail. Now the new law requires PayPal to report anyone over 20k in one year and 200 transactions for a 1099. If your under that, paypal does not have to report it, which is where you need to do the paperwork from printing out your profit on paypal.