OT: IRS Paypal Tax Situation

[CMIZ5290]

I'm an idiot pertaining these discussions. Is their any benefit taking a check versus Paypal friends?

[MikeGarcia]

Originally Posted by CMIZ5290

I'm an idiot pertaining these discussions. Is their any benefit taking a check versus Paypal friends?

..a check or money order won't rat you out to the federales.....

..

[ullmandds]

Originally Posted by MikeGarcia

..a check or money order won't rat you out to the federales.....

..

i was under the impression large checks(10000 or more I believe) does trigger a sequence of events at the bank...which could involve the federales?

[Thromdog]

Originally Posted by CMIZ5290

I'm an idiot pertaining these discussions. Is their any benefit taking a check versus Paypal friends?

Legally no. Regardless of payment type you are technically supposed to report it. Plus a bank could realistically notify if you have cashed or deposited a series of checks that reach a threshold.

Trades on the other hand.....

Scott, I'm in the same boat recently. Fortunately I document everything via a spreadsheet on Google drive so I have a good reference point on expenses that offset the sale for every card I own or have owned including any profit/loss. That and I keep all the invoice emails from AHs.