paypal tax reporting

How should I go about reporting taxes for the money I've earned through paypal? I have two separate paypal accounts and I've earned quite a bit over $600 in each account.

some from foreign investors and some from domestic. should I be reporting both the foreign and the domestic revenue?

 

I would be interested to know what the Canadian laws are on this as well

 

Damn, i have to report tax? i look and can't find anything on paypal

 

I'm pretty sure most if not all countries would have full tax regulations governing this. I just have no idea where to find that information

 

So to say, I earned X amount from an Australian company -- it's well over the $600 mark -- would I have to report it since they're not from the US?

 

I just found this on the Canada Revenue Agency's website:
If you're a deemed resident of Canada for the tax year, you:

* may have to file a Canadian income tax return for that tax year
* must report "world income" (income from all sources, both inside and outside Canada) for the entire tax year;

 

In the US, as far as I'm aware any income made should be filed under your income taxes.

 

Apparently in Australia any foreign income doesn't need to be declared

Can anyone verify that?
If so, I'm jealous...

 

Yes, you need to report your earnings.

I'm not sure the amount, but Pay Pal will report to the IRS (think this was also part of the homeland security deal). I know for sure that $10k+ is reported.

 

I have in the past reported all earnings regardless of geolocation. Talk to an accountant in your respective country through, only they can give you a "real" answer that you should go by. (or perhaps your government if they are receptive enough to answer questions like that)

 

In US you MUST file income no matter where you have made it.. in Russia, in India, in Sealand micronation as long as you are US citizen you must pay tax on you earnings

 

Do you know if they report to the CRA?

 

I'm also wondering if Paypal receipts would suffice as proof of payments/earnings? I'm not exactly going to chase everyone around for $10 receipts...of which most wouldn't care to give one anyway.

 

Yes, they are electronic invoices, they would suffice.

 

You need report your world wide income from all sources in your tax return.

 

Hi !

Same question here, should i report my revenue to the local "IRF"?
I think that US and UK situation is not the same like in other countrys, for example in India or in Slovenia or Hungary.
How should the local tax authority knows that you have this income? maximum if they are monitoring you bank account where you withdraw your money from your paypal account. But how should they knowm that which kind of income or revenue is it?

I received a letter from paypal, about EU tax regulation, that the amount of received money reached the 12000 dollar ( last 9 month), so I should upload my ID's.

Will they report this to the local tax authoritys? I dont think so....

Any advice, experiences?

stabilo66