You can hear it coming
Classified ads that state "payment by PayPal Friends and Family or add 3% PP Fees & 8% to pay my taxes"
Classified ads that state "payment by PayPal Friends and Family or add 3% PP Fees & 8% to pay my taxes"
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I agree, keep your receipts, as most of us are on the losing end, when selling airgun items. That said, it is not as dire as it would seem-
“PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year.”
https://www.paypal.com/us/webapps/mpp/irs6050w
Yeah so an illegal action needs to be reported to an illegal agency? Yeah because that will be about as good as a meth dealer taking his meth to the cops to test the purity.
So what happens if I gift you $1200 and since we're such great friends, you gift me a $1200 rifle?
We had a county commissioner beat a tax rap because all these people were "gifting" him payoff money that he wasn't reporting as income.