Who reports income from paypal?

Does anyone report income from paypal in taxes?

I'm wondering because so far, I've racked up over $600 in taxes alone- if I report it. I am going to report it either way, since it is the right thing to do.

Does anyone else though?

 

Yes, of course, it should be reported. After all, they are income earned.

 

If it isnt reported and income tax deptt. comes aware of it, then you'll be kicked...

 

Paypal is just a payment method. You are supposed to report all income regardless of payment method. Of course, many people cheat on their taxes, that's why the IRS has an army of auditors.

 

I agree, everything is reported because.. just like recieving money directly through your bank, it is income that you've earned

 

I think PayPal sends info to the govt about revenue recieved via their system. My father accidently got screwed up with the govt because he forgot about PayPal. It was all worked out without issues by his accountant

 

How should I report my paypal transaction, its when I withdraw it? Or we can take print of the online statements to report it